Following Nationwide’s decision to stop granting mortgages on some properties exposed to high flood risk, new solutions may be needed sooner than we think.

Can our general insurance actuarial community help? As a profession, are we duty bound to help? And if so, how?

UK flood insurance remains affordable through the current Flood Re scheme for many of those at risk of significant flooding. This scheme is particularly important for those most vulnerable in our society, especially given the ongoing cost of living crisis and the increasing impact of climate change.

However, a growing number of people living in flood-prone areas are becoming excluded, and the current scheme is due to end – in law – in 2039.

Our presentation will include:

• a brief recap of the UK flood insurance market and approach to flood risk mitigation
• results from our upcoming flood survey, which will capture:
  
  • general awareness of Flood Re
  • views on potential scheme coverage beyond 2039
  • views on the appropriateness of risk reflective pricing for flood risk
  • early thoughts on potential solutions for post-2039, including insights from other countries
  • wider aspects of flood risk and resilience considerations that could be considered, such as nature-based solutions

Target audience and assumed knowledge level: No specialist knowledge required.

Speaker and company: 

Richard Stock, Tindall Riley
Laura Evans, Flood Re
Marcus Schofield, Marcuson Consulting
Kemi Bello, Sompo International
Thomas Saliba, Leadenhall Analytics