Flood Re sees record claims of £241.6m
Flood Re’s gross claims jumped to £241.6m in the past financial year from £45.9m in 2023.
A third of all claims since Flood Re’s inception in 2016 were received in 2023/24 after the recent winter storms.
In turn almost a third of claims submitted to Flood Re for Storms Babet, Ciaran and Henk included Build Back Better provisions. BBB usage varied amongst insurers significantly and ranged from 4% to 56%.
The number of policies ceded to the scheme in the year ended 31 March 2024 rose by 9% to 288,567, this was a bigger increase than the 3.6% rise recorded last year.
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