A look at Flood Re (a podcast with Andy Bord)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Andy Bord, CEO of Flood Re, a specialist UK reinsurer of flood risks. In this episode we will be discussing all things Flood Re.
We start by discussing why Flood Re was formed. Andy explains that Flood Re was created to help people obtain insurance for their property in areas with high risk of flooding.
Flood Re is a private public partnership between the UK government and insurance industry. Flood Re collect a levy from anyone that provides home insurance in the UK and that pot is used to subsidise home insurance costs for those in areas prone to flooding to make it more affordable.
In this episode we also look at:
- What is the goal of Flood Re
- Does it achieve what it sets out to
- Examples of how Flood Re works in practice
- Climate change and ESG, how that impacts Flood Re and their operation
- Why Flood Re is set to close in 2039