Context
The British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re have opened registration for the new Flood Insurance Directory expected later this year. The organisations are calling for intermediaries and insurers who can provide cover for residential buildings and/or contents insurance for consumers who are struggling to obtain flood insurance to register to be part of the service ahead of its launch.
Key points to note
- The three organisations will be launching the Flood Insurance Directory following recommendations in the Government’s Independent Review of Flood Insurance in Doncaster published in November 2020. Upon launch they will be asking the industry to signpost consumers to the service if they are unable to provide flood insurance.
- The directory will be open to all FCA and PRA regulated insurers and intermediaries that can meet the eligibility criteria. Primarily they will need to be able to provide cover either for homes eligible for Flood Re, or be able to provide flood cover for homes outside Flood Re’s eligibility criteria e.g., those built since 2009.
- The new directory will form part of BIBA’s existing online Find Insurance Service and the firms included will go through a vetting process which has been developed with the Department for Environment, Food and Rural Affairs (DEFRA).
Next actions
None – for information and awareness.