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Flood Re: together, though not all and not forever

Flood Re: together, though not all and not forever
Flood Re: together, though not all and not forever
On 14 May 2014, the Water Bill gained Royal Assent and became an Act of Parliament. It laid the foundation for the Flood Reinsurance Scheme (‘FR Scheme’) that the government together with the Association of British Insurers (‘ABI’) has devised to address concerns arising from consumer dissatisfaction with the flood insurance market. The Scheme Document, signed on 16 March 2015, describes the FR Scheme and provides a framework within which the FR Scheme administrator, ie Flood Re, will administer the FR Scheme. The first draft regulations to establish Flood Re were laid before Parliament on 19 March 2015, yet the necessary approval had not been granted before Parliament was prorogued amid general election. It is now expected that the operation of the scheme will commence in April 2016. The aim of the FR Scheme is to promote the availability and affordability of flood insurance for household premises and to manage, over the period of operation of the scheme, the transition to risk-reflective pricing. Although much of the detail is yet to be determined, it is with these objectives in mind that the few observations below are made within the short time available for this talk.
35-40
University of Southampton
Bek, Mateusz
96452cc0-6feb-4c19-b12f-4d69fbda0010
Hjalmarsson, Johanna
Bek, Mateusz
96452cc0-6feb-4c19-b12f-4d69fbda0010
Hjalmarsson, Johanna

Bek, Mateusz (2015) Flood Re: together, though not all and not forever. Hjalmarsson, Johanna (ed.) In Future Directions of Consumer Flood Insurance in the UK - Reflections upon the creation of Flood Re. University of Southampton. pp. 35-40 .

Record type: Conference or Workshop Item (Paper)

Abstract

On 14 May 2014, the Water Bill gained Royal Assent and became an Act of Parliament. It laid the foundation for the Flood Reinsurance Scheme (‘FR Scheme’) that the government together with the Association of British Insurers (‘ABI’) has devised to address concerns arising from consumer dissatisfaction with the flood insurance market. The Scheme Document, signed on 16 March 2015, describes the FR Scheme and provides a framework within which the FR Scheme administrator, ie Flood Re, will administer the FR Scheme. The first draft regulations to establish Flood Re were laid before Parliament on 19 March 2015, yet the necessary approval had not been granted before Parliament was prorogued amid general election. It is now expected that the operation of the scheme will commence in April 2016. The aim of the FR Scheme is to promote the availability and affordability of flood insurance for household premises and to manage, over the period of operation of the scheme, the transition to risk-reflective pricing. Although much of the detail is yet to be determined, it is with these objectives in mind that the few observations below are made within the short time available for this talk.

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More information

Published date: 15 August 2015
Venue - Dates: workshop; gb; 2015-08-15, United Kingdom, 2015-08-15
Organisations: Southampton Law School

Identifiers

Local EPrints ID: 386772
URI: https://eprints.soton.ac.uk/id/eprint/386772
PURE UUID: 077411e7-6034-436b-81bd-fa1a36e415b0

Catalogue record

Date deposited: 04 Feb 2016 11:55
Last modified: 17 Jul 2017 19:47

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