Guide to Flood Insurance for domestic properties in the UK

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1 Guide Flood Insurance for domestic properties in the UK A guide for brokers by Neil Bresler Cherish Insurance Brokers Limited March 2016

2 Introduction By Neil Bresler, Managing Direcr Cherish Insurance Brokers Limited I am proud say that Cherish was one of the earliest firms be accredited by Flood Re following the completion of extensive legal data sharing agreements. Welcome the Cherish Guide flood insurance for domestic properties in the UK. Since the scheme was first announced, I have been closely involved in understanding and modifying the Flood Re process. This included participating in the Government response the public consultation on the Flood Reinsurance Scheme Regulations December 2014 as well as through my work with BIBA. This extensive involvement allowed Cherish start work with AXA Insurance over a year ago put in place all of the processes necessary be able cede risks Flood Re as soon as it launches on 4th April I am proud say that Cherish was one of the earliest firms be accredited by Flood Re following the completion of extensive legal data sharing agreements. The criteria for eligibility are complicated and not easily handled by the rating engines of the major software houses. In stark contrast, our advanced bespoke platform rose the challenge with an admirable demonstration of its flexibility. Flooding is the greatest environmental threat the UK faces and the risk is rising. When a home is flooded, this can be a very distressing time for homeowners and business owners. Insurers responded swiftly the recent winter floods, and will do the same in the event of any flooding in the future. The establishment of Flood Re reflects the determination and commitment of the insurance industry do all it can ensure that flood risk households can continue access affordable flood insurance. However, Flood Re is not the solution the UK s rising flood threat. This will require sustained increases in funding for new and improved flood defences, as well as the maintenance of existing flood defences. Please take a moment read this guide which gives you all the information you need know on Flood Re. I hope you find it useful. Neil Bresler neil@cherishinsurance.co.uk 4th March The Cherish Guide Flood Insurance

3 How enjoy easy access Flood Re In January 2016, Cherish became one of the first firms be accredited by Flood Re. Our system now contains million UK address records so we are in a position provide AXA with all of the information necessary cede a risk Flood Re. The Cherish Flood Re solution for brokers Flood Re launches 04 April From 4th April 2016, you will be able access Flood Re cover for all of our domestic home insurance range. There are three main criteria qualify: Property is within 50 metres of a river, stream OR or tidal water B It has suffered a flood claim in the last 25 years OR It is in a high C risk flood area The risk will be subject individual geo mapping as well as our usual underwriting rules for claims hisry (other than flood), construction and similar criteria. Assuming the risk meets our underwriting criteria then we will be able either offer flood cover underwritten by AXA or ceded Flood Re. Clients currently insured with Cherish This applies risks already covered under a Cherish policy where the current cover excludes flood or provides flood cover subject an increased excess and/or premium loading. Then it will be subject the Flood Re criteria. We will be contacting you offer a new policy for your cusmer which includes flood cover from 4th April 2016, with a pro-rata refund on their old policy irrespective of the claims hisry. Clients insured with you, but not with Cherish If you have risks with other capacity who are not able offer flood cover then we would be delighted discuss offering special terms on portfolio transfers. New business We are preparing articles for the local media which can be personalised for your company as part of a media information pack. Cherish Insurance Brokers Limited, March

4 HOMEOWNERS Purchase home insurance as usual FLOOD RE Reimburses insurers for any claims made HOW FLOOD RE WORKS What is Flood Re? Flood Re an idea proposed by insurers - is an agreement between the industry and the Government help the flood insurance element of home insurance remain available and affordable homeowners at risk of flooding. The Water Act, which will allow for the establishment of Flood Re, has now received Royal Assent. The establishment of Flood Re will benefit an estimated 350,000 homeowners across the UK who are at significant flood risk and would otherwise struggle access affordable flood insurance. The Flood Re scheme will be a not-for-profit flood reinsurance fund, owned and managed by the insurance industry. It was established ensure that those domestic properties in the UK at the highest risk of flooding can receive affordable cover for the flood element of their household property insurance. Reinsurance is a way for insurers themselves insure against large scale losses with other insurers. Insurers sell policies their cusmers in the usual way, but then may pass the risk carried by those policies a reinsurance company, or reinsurance vehicle like Flood Re where those risks are pooled in a fund which pays out the insurer if claims are made. INSURERS Pay premiums Flood Re, plus annual levy INSURERS Pay out when homeowners make a valid claim The contractual responsibility for paying out the cusmers if a claim is made still rests with the original insurer but they have their own back up from the reinsurance pool which they can claim against. This helps insurers take on more risk as the consequences of large claims are more widely spread. A comparable, albeit different, scheme is Pool Re which covers insurers for loss incurred by terrorism and where some insurers choose reinsure policies sold in case the losses are very high. This was set up in the 1990s after the IRA bombing of the City of London made insuring commercial risk prohibitively expensive. How does it work? Insurers will sell insurance in the normal way, and have an incentive compete for the business of cusmers with high flood risk because they know they can pass the flood component element of the policy in Flood Re. The flood element of a home insurance policy will be placed in Flood Re, based on Council Tax band. Insurers will use this facility for the 1-2% highest risk homes an estimated 350,000 homes that would have struggled find any affordable cover in a normal market. If they are flooded, those cusmers will deal with their insurer in the usual way get their claim paid and Flood Re will reimburse the insurer behind the scenes for the cost of the claim. 4 The Cherish Guide Flood Insurance

5 Who is paying for Flood Re? The insurance industry is paying the 10m costs get Flood Re up and running. The Flood Re pool itself has two sources of income. The first is the flood element of the policies which are passed in it. The second is an additional levy on the industry, equivalent the existing cross-subsidy that exists in the market. Who is eligible? Qualifying properties which may be ceded Flood Re Flood Cover is available for Buildings, Contents or Combined Policies in England, Wales, Scotland or Northern Ireland. It excludes the Isle of Man and Channel Islands. It is provided for Household Premises, defined as: A B A dwelling, or A building in the UK which is held for private residential use and comprises 2 or 3 residential units. It can include garages and sheds or other buildings which form part of the building. They must also : 1 Be insured in the name of, or on trust for, one or more individuals or by the personal representative of an individual. 2 Be insured on an individual basis. 3 Have a domestic Council Tax band (or equivalent). 4 Have been added the Council Tax Valuation List (or equivalent) or been constructed before 1st January Additionally for a Buildings policy or Combined policy: 5 If insuring a dwelling, the policyholder or immediate family must live in the property for all or some of the time (whether or not with others) or the dwelling must be unoccupied. The property must be held on a freehold basis or be a commonhold unit or be a flat in a tenement or (if on a leasehold) the leaseholder must insure the structure of the dwelling. 6 If insuring household premises (category B above), the property must be held on freehold and be insured by the freeholder or by an owner of a share of the freehold. They must live for all or some of the time (whether or not with others) in one of the residential units. Cherish Insurance Brokers Limited, March

6 For clarification and avoidance of doubt all of the following risk categories will be interpreted as being eligible as long as they also meet the previous criteria: a b c d e f g h i Bed and breakfast premises paying Council Tax and insured under a home insurance contract. Farmhouse dwellings and cottages. Where farmhouse dwellings are included in a commercial policy, provided the insurer can split out the dwelling element (which meets the criteria 1-6 inclusive above), that part of the risk can be ceded Flood Re. Holiday/Second homes. Household premises used by home workers. Individual leaseholders protecting own dwelling. Leasehold blocks will be eligible for buildings cover if they contain 3 units or fewer, and the freeholder(s) lives in one of the units be insured. Residential buy let. Mobile homes if in personal ownership as the only or main residence. Tenant s/individual s contents (if living in large block/flats, where the buildings flood risk would not be eligible). Domestic Properties not eligible for Flood Re a b c d e f g h i j k Bed and breakfast premises paying business rates Blocks of more than three residential flats Company houses/flats Contingent buildings policies (e.g. held by banks) Farm outbuildings Freeholders/leaseholders deriving commercial income insuring blocks/large numbers of properties in a portfolio Housing association s residential properties Multi-use under commercial or private ownership Residential buy let (which do not meet the criteria 1-6 (inclusive) above) Social housing properties; (eligible for contents cover but not eligible for buildings cover) Static caravan site owners (for commercial gain) 6 The Cherish Guide Flood Insurance

7 Flood Re Premiums The premiums charged insurers will be capped based on Council Tax bands. They will start at 210 per policy per annum for a combined policy and rise 1200 for the highest band. The regional breakdown of premium according council tax band is shown below. ENGLAND & SCOTLAND Valuation Band A B C D E F G H I Buildings Policy Contents Policy Combined Policy Valuation Band A B C D E F G H I WALES Buildings Policy Contents Policy Combined Policy NORTHERN IRELAND Flood Re Category Buildings Policy Contents Policy Combined Policy The Flood Re Categories for Northern Ireland are broken down as follows: Flood Re Category Property value as of 1st Jan 2005 Up 75,000 72,501 92,500 92, , , , , , , , , , ,001 and over Potential market With effect from 4th April there will be five groups looking for immediate cover: 1. Those currently not insured 2. Those currently insured without cover for flood 3. Those insured with large excess and/or loaded premium 4. Those currently insured with an insurer/mga who cannot cede risks Flood Re 5. Those who are currently insured with an insurer/mga who does not want cede a particular group of risks Flood Re. Whilst not all will be eligible for Flood Re or will be prepared pay the premium, there will be a significant flow of potential new business. It is anticipated that over 350,000 risks could be covered under Flood Re but this is dependent upon individual Insurers appetites underwrite or cede the flood risk as well as consumers desire source flood cover with better quality capacity or lower excesses (the Flood Re excess is 250). Cherish Insurance Brokers Limited, March

8 The competition Behind the scenes, it is clear that some MGAs as well as small and even medium sized insurers have not geared up for 4th April 2016 and some extent are taking a wait and see approach. This is also being driven by the processes established by the ABI working groups that designed Flood Re because the ability cede risks is dependent upon the ability deliver and receive data risks in a highly complex process. It s time act now! In conclusion, Flood Re doesn t need be a difficult proposition for brokers when it launches. It is clear that cusmer expectations of Flood Re will be high and they are likely judge the insurance community by the speed and efficiency with which it handles early enquirers. The message is simple; be ready for Flood Re and you are likely reap the rewards in both the short and long term. We re ready - are you? The message is simple; be ready for Flood Re and you are likely reap the rewards in both the short and long term. As specialist niche home insurance specialists, Cherish Insurance Brokers are the logical choice for Flood Re solutions. With the ability assess properties on an individual basis, we are regularly able accept risk which many of our competirs would aumatically decline. Flood Re will be available with the following home insurance products from 4th April 2016, subject individual conditions. PRODUCT FLOOD RE Cherish Home Insurance 3 Cherish Home B&B Insurance 3 Cherish Second Home Insurance (inc commercial guests) 3 Cherish Residential Landlord Insurance 3 Contact one of our specialists or visit cherishinsurance.co.uk Neil Bresler Managing Direcr neil@cherishinsurance.co.uk Office: option 2 Mark Andrew DIP CII Sales and Distribution Manager mark@cherishinsurance.co.uk Direct dial: Mobile: Karadin Grainger Account Development Executive karadin@cherishinsurance.co.uk Mobile: Cherish Insurance Brokers Limited Carlson House, Bradfield Road, Wix, CO11 2SP Tel: cherishinsurance.co.uk Registered in England No Registered office: Venture House, 20/20 Business Park, St. Leonards Road, Allingn, Maidsne, Kent, ME16 0LS Authorised and regulated by the Financial Conduct Authority v5/240316

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