Flood Re works behind the scenes to create a centralised fund, backed by legislation. The insurer then passes any high flood risk part of a customers’ policy on to Flood Re. If a valid claim is made on the policy, Flood Re will reimburse the insurer from the central Flood Re fund, therefore allowing participating insurers to reinsure high flood risk properties and provide affordable insurance.
Flood Re has produced a short video to explain how it works.
We're working hard to progress system developments both internally and with our software house partners to ensure customers have access to more affordable insurance for customers if living in high flood risk areas.
For more information about Flood Re, please visit Flood Re.