Flood Re’s position on incentivising household action on flooding
“I have visited areas of the country that have flooded and have met with many homeowners who have suffered as a result. I am proud that Flood Re has enabled those living in these areas to access more affordable flood insurance.
“While insurance offers vital comfort, I have also heard about the significant emotional and practical difficulties that people suffer when a flood happens. That is why we are committed to reducing the likelihood and the impact of anyone experiencing a flood in their home.
“We have worked with market researchers at Populus to understand attitudes of the British public to taking preventative measures, and worked with academics at the University of the West of England to investigate the evidence for the benefits of Property Flood Resilience.
“We also welcome the publication today of the Social Market Foundation report exploring different policy options for incentivising the take-up of these improvements.
“At Flood Re we believe that rewarding homeowner action will be more effective than penalising inaction. Therefore, we will be working with insurers, flood risk communities and our other partners to investigate how we can recognise and reward adoption of resilient improvements by householders and how we might “build back better” following a flood catastrophe in the future.”
Andy Bord, CEO of Flood Re
Flood Re’s response to the Social Market Foundation report: