FLOOD RE PLEDGES TO REDUCE PREMIUMS IN 2019

Flood Re has pledged to reduce the premiums it charges to UK insurers from the start of 2019, the first time it has done so in its two years of operation. In its annual report, Flood Re said that it is considering a range of different reductions in the level of premiums for buildings and contents policies in order to optimise the benefits of the scheme. It has begun the process of reviewing premiums, which will conclude by the end of September, and will implement the changes from 1 January 2019. The move follows Flood Re’s decision in April not to pass on the annual increase to premium thresholds.