Aviva’s Blanc: UK insurance industry needs to start planning for a post-Flood Re world

Amanda Blanc, group CEO at Aviva, claimed the UK must be cautious about what happens in a post-Flood Re world come 2039.

Blanc, pictured, discussed this with host Ian Smith, who joined her for an on-stage interview at the Financial Times Global Insurance Summit today. 

Established by the Water Act 2014, Flood Re caps domestic flood insurance prices, keeping premiums affordable for households in high-risk areas and was given a proposed lifespan of 25 years, allowing time for a transition to a free market in flood insurance.

However, it does not cover any residential property built after 2009.

Ultimately, we need some

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