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Affordability and Avaliability of flood Insurance - FD2688

Description
As part of the Government announcement in July 2013 on future arrangements for flood insurance, insurers agreed to continue to provide insurance cover for existing customers in high flood risk properties under their commitments in the 2008 Statement of Principles agreement until Flood Re is up and running.

A research project was commissioned in summer 2013 to support understanding of the market situation at that time in relation to the availability and affordability of insurance in various areas and on differing social-economic groups. This research acts as the baseline against which changes in the insurance market will be monitored going forward.

Ongoing monitoring of the insurance market is necessary to ensure that our policy aims (to ensure flood insurance for high risk households is available and affordable over a transitional period of 20-25 years) are being achieved through Government’s preferred option of Flood Re, a reinsurance vehicle which pools the highest risk policies and effectively limits the flood risk part of the insurance premium and excess.

The aim of the project is to assess whether there are changes in the affordability and availability of flood insurance for households and small businesses. This will provide an update to the baseline study carried out in 2013 by JBA for households, and include new data gathering on the same issues for small businesses.

The project objectives are to:
• Provide an update to the baseline study of the cost and availability of insurance premiums for households
• Gather data about the affordability and availability of insurance for small businesses
• Test a methodology which will be able capture insurer and householder behaviour change overtime
Objective
The project objectives are to:
• Provide an update to the baseline study of the cost and availability of insurance premiums for households
• Gather data about the affordability and availability of insurance for small businesses
• Test a methodology which will be able capture insurer and householder behaviour change overtime
Project Documents
• FRP - Final Report : FD2688 Affordability and availability of flood insurance Final Report   (1989k)
• FRP - Final Report : FD2689 Affordability and availability of flood insurance Businesses Final Report   (673k)
Time-Scale and Cost
From: 2014

To: 2014

Cost: £90,610
Contractor / Funded Organisations
Ipsos MORI
Keywords
              
Fields of Study
Flood and Coastal Erosion Risk Management