FLOOD RE REDUCES PREMIUM CHARGES

Insurance market flood reinsurer Flood Re has announced a reduction in premium rates for UK homeowners from January 2019. The reinsurer said it is to lower the reinsurance premiums it charges to insurers, which should see premiums cut by 12.5% for buildings and 33% for contents. This will mean a reduction of between £44 and £112 for the average combined building and contents policy, it said in a statement. Earlier this year Flood Re announced that it would not increase premiums in April 2018 in line with inflation.