Flood Re to go live from April 4 - FREE

Flood Re to go live from April 4 - FREE

UK floodFlood Re will come into effect from April 4 2016, the UK’s Prudential Regulatory Authority and Financial Conduct Authority have formally confirmed.

The national scheme, that has been devised to help provide affordable flood insurance on residential property, will now go live from that date.

Over time Flood Re expects up to 350,000 households to benefit from the scheme.

Brendan McCafferty, Flood Re chief executive, said: “I am delighted that we now have authorisation from the regulators. The Flood Re team is continuing to work hard with insurers ahead of launch.”  

“From April 4, Flood Re will be live and ready to accept policies.  A list of insurers that will be using the scheme will be available on the Flood Re website from the evening of Friday 1 April.”

Rating agency Fitch Ratings gave its view on the scheme yesterday.

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