Flood Re policy numbers grow to more than 265,000
Mutual reinsurer Flood Re covered 265,826 policies in the year to 31 March 2023 – a 3.6% rise on the previous 12 months.
Gross written premiums at the joint initiative between the insurance industry and government rose £6m year-on-year to £52m. Claims were also up by £14m to £46m.
Pre-tax profit was down by more than this, from £132m in 2022 to £110m. However, this was mainly driven by the planned cut in income raised from the levy on insurers of 25% to £135m.
The profit figure was supported by investment income, rising to £14m, after having been only £300,000 the year before.
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