Speaking at the World Climate Foundation, part of COP26 in Glasgow on November 7, Andy Bord, Chief Executive Officer of Flood Re, told an audience of more than 600 delegates (in person and virtually):
There needs to be a continued long-term commitment to flood defences including the role of natural flood management.
We can’t allow the problem of flooding to continue to get worse. Homes need to be built, but they need to be built in the right place and in the right way. There needs to be transparency and enforcement to ensure that we do not end up with a housing stock that is less resilient.
We need to inform householders about the risk their homes face so that they can assess how much they are at risk and what action can they take.
Mr. Bord took part in a panel discussion for the World Climate Foundation, as part of COP26, on the theme of ‘Investing and Insuring for Resilience – Managing Risks and Redirecting Capital into Resilience Enhancing Investments’.
The event was moderated by Michaela Koller, Director General, Insurance Europe and the panel members also included:
- Michael Szoenyi, Flood Resilience Programme Lead, Zurich
- Jon Wood, Senior Client Manager, Aon Public/Private Enterprise
- Astrid Zwick, Head of the InsuResilience Secretariat.
Speaking after of the panel event, Mr. Bord said:
“Climate change is happening now - and it is only going to get worse. I applaud the efforts taking place in Glasgow to reduce emissions to meet net zero, but we need to urgently adapt now to the increased frequency of flooding and extreme weather events. Resilience is not being prioritised. There is a growing need for continued investment not only in flood defences, but in measures to adapt homes and communities to make them more resilient to rising temperatures and an increased risk of flooding.”
Build Back Better
Flood Re has developed a Build Back Better (BBB) scheme which will be available through some insurers after April 2022. When a property is repaired after a flood, there is an opportunity for insurers to use BBB to make it more resilient and reduce the cost and impact of future floods. The repair using Property Flood Resilience (PFR) measures such as self-closing air-bricks, non-return valves and flood doors or barriers can provide real protection against the impacts of future flooding
Since Flood Re was launched in 2016, the availability and affordability of home insurance for householders at risk of flooding has improved significantly with more than 350,000 households benefiting from the scheme to date. Prior to Flood Re, 9% of policy holders with a prior flood claim could obtain flood insurance quotes from 2 or more insurers and 0% could get quotes from 5 or more. Following the Scheme’s launch in 2016, availability of flood insurance policies for those with prior flood claims has increased; 98% of customers can now get 10 or more quotes and four out of five householders with a prior flood claim now see price reductions of over 50%.