Admiral, Admiral Group’s UK insurance division, has announced its endorsement of the Flood Re Build Back Better scheme, which aim to bolster the resilience of homes against future flood events.
The initiative is a collaboration between the UK Government and insurers, designed to make flood insurance “more affordable” for homeowners.
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Admiral has backed the Flood Re scheme since its launch in 2016.
It offers the opportunity for eligible customers to receive up to £10,000 in addition to their standard claim amount, intended for the implementation of flood prevention measures such as flood doors, barriers and non-return valves.
Admiral head of household underwriting David Fowkes said: “Build Back Better enables us to decrease the impact on our customers, and the communities they live in, through increased flood resilience and resistance. It should have a positive impact on homeowners and their families affected by flooding and help them not only in the aftermath of a flood but for the long term.”
Flood Re communications and stakeholder engagement head Kelly Ostler-Coyle said: “We are delighted that Admiral has joined our world-first Build Back Better (BBB) scheme, which now has commitment from 77% of the UK home insurance market. They have joined other insurance providers already offering BBB to their customers, who are benefitting from the peace of mind Property Flood Resilience brings to those at high risk of flood.
“Last year Flood Re received 28% of all claims since its inception in 2016. This highlights the urgent need for adaptation as we see more severe flooding, which is also happening more frequently.”
In January this year, Admiral Group’s UK business became a founder member of the Financial Services Skills Commission. This member-led organisation collaborates directly with the financial services industry to address skill shortages and foster talent development through reskilling and upskilling efforts.
