Head of property underwriting says it is ’imperative that more is done to protect those at risk of flooding’

Prestige Underwriting has become the first managing general agent (MGA) to join Flood Re’s Build Back Better scheme.

vehicles-stranded-by-floods-in-auckland-new-zealand-AP-scaled

Read: Climate change discussion is ‘more urgent than ever before’ to gain independence from Russia

Read: Flood Re reveals ‘Build Back Better’ scheme

Not subscribed? Become a subscriber and access our premium content

Explore more sustainability content here or discover more news content here

The move means the MGA will now be able to provide its customers the opportunity to install flood resilience measures up to the value of £10,000 when repairing their properties after a flood.

This includes raised electrical sockets, self-closing air bricks, non-return valves, flood resistant doors and the replacement of wooden floors with waterproof tiling and grout.

Chris Duck, head of property underwriting at Prestige Underwriting, said the business signed up to the scheme with it becoming “imperative that more is done to protect those at risk of flooding”.

“That’s why I’m delighted for Prestige Underwriting to participate in such a revolutionary scheme as Build Back Better,” he said. 

“By supporting our policyholders to increase the flood resilience of their property – by way of both limiting the entry of floodwater into their home and minimising the impact of any water which does manage to get inside – we will be able to help those impacted to resume their normal life more quickly.”

Attracting interest

The Build Back Better scheme, launched in April 2022, is a joint initiative between the UK insurance industry and government to promote the availability and affordability of flood insurance.

Read: Flood Re reports £46m in GWP for 12 months to March 2022

Read: Sector cautiously welcomes UK government amendments to planning guidance for preventing flooding in new builds

Explore more sustainability content here or discover more news content here

Prestige Underwriting joined the scheme after Flood Re published a new training video for the insurance market to drive a “deeper understanding” of the scheme.

It joins insurers Ageas, Aviva, Axa, Covea, Hiscox, NFU Mutual, Lloyds Banking Group (Bank of Scotland, Halifax and Lloyds Bank home insurance products), LV= General Insurance and RSA.

Andy Bord, Flood Re chief executive, said: “I am delighted that the Build Back Better scheme is now attracting interest from the flourishing MGA sector, which is traditionally focused on more niche and specialist risks.

“Investing in property level flood resilience measures as part of a flood repair provides important reassurance to householders that their home is better protected against future flooding.

“The UK needs to fully embrace this sort of adaptation if it is to be able to cope with the impacts of the UK’s changing climate.”

Topics