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To ask the Secretary of State for Environment, Food and Rural Affairs, what recent discussions she has had with insurance companies on affordable insurance cover after incidents of flooding.
To ask the Secretary of State for Environment, Food and Rural Affairs, what recent discussions she has had with insurance companies on affordable insurance cover after incidents of flooding.
At visits to Somerset in December 2014, and Canvey Island in February, I met householders and the insurance industry to discuss recent experiences.
Government and the insurance industry are working closely together to deliver Flood Re, which will ensure access to affordable flood insurance for people at highest risk of flooding.
Debate on Select Committee report. Agreed to on question.
Debate on Select Committee report. Agreed to on question.
To ask the Secretary of State for Environment, Food and Rural Affairs, what recent progress she has made in implementing the Flood Re scheme.
To ask the Secretary of State for Environment, Food and Rural Affairs, what recent progress she has made in implementing the Flood Re scheme.
We consulted on the regulations for the Flood Reinsurance Scheme (Flood Re) over the summer. The regulations are necessary for the insurance industry to implement Flood Re in 2015 and cover the legal framework around the Flood Re Scheme, its funding and its administration. The Government response was published on 18 December. We have reached agreement with the insurance industry on a number of matters on how Flood Re will operate, thus enabling the legislation to be laid in Parliament this year, and once approved by the financial regulators, enable Flood Re to operate as a reinsurer.
To ask the Secretary of State for Environment, Food and Rural Affairs, what recent assessment she has made of the feasibility of the implementation timeline for the Flood Re scheme; and if she will make a statement.
To ask the Secretary of State for Environment, Food and Rural Affairs, what recent assessment she has made of the feasibility of the implementation timeline for the Flood Re scheme; and if she will make a statement.
Flood Re is on schedule to be established by July 2015. After a period of testing and once the appropriate authorisations are in place, households at high flood risk will be guaranteed access to affordable flood insurance
To ask the Secretary of State for Environment, Food and Rural Affairs, when she plans to publish the Government's response to the consultation on Flood Insurance: regulations for the Flood Reinsurance Scheme, which closed on 16 September 2014.
To ask the Secretary of State for Environment, Food and Rural Affairs, when she plans to publish the Government's response to the consultation on Flood Insurance: regulations for the Flood Reinsurance Scheme, which closed on 16 September 2014.
The Government Response was published today, 18 December 2014, and is available on GOV.UK.
To ask the Secretary of State for Environment, Food and Rural Affairs, if she will take steps to ensure that parties who are to be excluded from the Flood Re scheme are given adequate time to respond to the proposals for that scheme; and if she will make a statement.
To ask the Secretary of State for Environment, Food and Rural Affairs, if she will take steps to ensure that parties who are to be excluded from the Flood Re scheme are given adequate time to respond to the proposals for that scheme; and if she will make a statement.
The Government response was published today, 18 December 2014, and is available on GOV.UK.
The Regulations implementing Flood Re will be subject to the affirmative procedure, providing Parliament with the opportunity to fully scrutinise them.
We also consulted on our proposals for flood insurance during summer 2013 and on the draft flood insurance clauses for the Water Bill. The Government responses to both consultations were published jointly on 18 November 2013.
To ask the Secretary of State for Environment, Food and Rural Affairs, what steps she is taking to ensure that home insurance is offered to people living in flood risk areas.
To ask the Secretary of State for Environment, Food and Rural Affairs, what steps she is taking to ensure that home insurance is offered to people living in flood risk areas.
Flood Re will protect those at risk of flooding by effectively limiting the amount that high risk households would need to pay on the flood insurance element of their household premiums. The limit on the premium will differ according to Council Tax band, rising for properties in higher bands.
Only 1-2% of households at highest risk of flooding will need to be considered for Flood Re. Others can continue to access cheaper flood insurance on the open market.
Insurers have agreed to continue to abide by their commitments in the Statement of Principles ensuring access to flood insurance until Flood Re is fully operational. Flood Re is on schedule to be established by July 2015.
To ask the Secretary of State for Environment, Food and Rural Affairs, when her Department plans to publish its response to the consultation it launched on 22 July 2014 regarding the secondary legislation for the flood reinsurance (Flood Re) scheme.
To ask the Secretary of State for Environment, Food and Rural Affairs, when her Department plans to publish its response to the consultation it launched on 22 July 2014 regarding the secondary legislation for the flood reinsurance (Flood Re) scheme.
We are currently considering responses to the consultation, which closed on 16 September. We will publish our response shortly.
To ask the Secretary of State for Environment, Food and Rural Affairs, pursuant to the Answer of 17 November 2014 to Question 213979, what steps she has taken to gather evidence to inform her Department's monitoring of the insurance market; and whether there will be an opportunity for (a) hon....
To ask the Secretary of State for Environment, Food and Rural Affairs, pursuant to the Answer of 17 November 2014 to Question 213979, what steps she has taken to gather evidence to inform her Department's monitoring of the insurance market; and whether there will be an opportunity for (a) hon....
Evidence on the availability of flood insurance has been provided and considered by Defra at various stages, including during the passage of the Water Act 2014 through Parliament and following the Downing Street Floods summit on 18 February.
I met representatives of small businesses in June to listen to their concerns and to provide an outline of our plans for market monitoring. Findings of the Defra research contract will be published next year. I intend to have another meeting when this work is completed.
To ask the Secretary of State for Environment, Food and Rural Affairs, what the annual salary of the Chief Executive of the Flood Re scheme will be; how that salary was determined; and from what budget funding for that salary will be drawn.
To ask the Secretary of State for Environment, Food and Rural Affairs, what the annual salary of the Chief Executive of the Flood Re scheme will be; how that salary was determined; and from what budget funding for that salary will be drawn.
The salary of the CEO of the Flood Re Scheme is a matter for the Directors of Flood Re who undertook the recruitment, and the Association of British Insurers whose members are currently funding the project set up costs including staff costs. It was determined by reference to current market rates for a reinsurance company. The salary will in future be funded from the Flood Re income and be disclosed in its annual report and accounts, which will be laid before Parliament as a public document.
To ask the Secretary of State for Environment, Food and Rural Affairs, what plans she has to assess the affordability of flood insurance for small businesses in flood hit areas following the expiry of the Statement of Principles between the Government and the Association of British Insurers.
To ask the Secretary of State for Environment, Food and Rural Affairs, what plans she has to assess the affordability of flood insurance for small businesses in flood hit areas following the expiry of the Statement of Principles between the Government and the Association of British Insurers.
We are currently undertaking monitoring of the insurance market for both households and small businesses. This will look at the availability of insurance, and the experience of small businesses in obtaining insurance cover in high flood risk areas.
Agreed to on question.
Agreed to on question.
To ask the Secretary of State for Environment, Food and Rural Affairs, if she will establish a scheme to provide affordable insurance cover for leasehold dwellings and small businesses in areas at high risk of flooding modelled on the existing Flood Re scheme for freehold dwellings.
To ask the Secretary of State for Environment, Food and Rural Affairs, if she will establish a scheme to provide affordable insurance cover for leasehold dwellings and small businesses in areas at high risk of flooding modelled on the existing Flood Re scheme for freehold dwellings.
The Government has been advised by the insurance industry that those leaseholders in high risk areas who will not be eligible for Flood Re will still be able to access affordable insurance. Insurers will also continue to provide insurance to small businesses in areas of high flood risk on a competitive basis.
Based on current evidence, Flood Re would not be an appropriate scheme for leasehold properties and small businesses in areas at a high risk of flooding.
Government has separately commissioned research into the commercial insurance market as part of its evidence gathering.
To ask the Secretary of State for Environment, Food and Rural Affairs what estimate he has made of how many properties at risk of flooding in (a) Windsor constituency and (b) the Thames Valley that will not be covered by the new Flood Re scheme.
To ask the Secretary of State for Environment, Food and Rural Affairs what estimate he has made of how many properties at risk of flooding in (a) Windsor constituency and (b) the Thames Valley that will not be covered by the new Flood Re scheme.
The assessment of the impact the scope of the Flood Re Scheme will have was done at a UK level. There was no specific assessment for individual constituencies or regions.
I and Ministers from other Departments hold regular round-table meetings with the insurance industry, and I will be sure to raise the issue that my hon. Friend has mentioned this morning.
I and Ministers from other Departments hold regular round-table meetings with the insurance industry, and I will be sure to raise the issue that my hon. Friend has mentioned this morning.
I know that the Secretary of State intends to drive a hard bargain with the insurance industry, so he will be shocked to learn that a business in Bradford-on-Avon that was devastated by the floods at Christmas has had its business rate relief deducted from the assessment of its losses by its insurer. Clearly, it is not the Government’s intention that business rate relief should be a sop to the insurance industry, so will he use his relationship with the industry to ensure that this practice ends?
To ask the Secretary of State for Environment, Food and Rural Affairs what criteria will be used to determine whether a property owner is eligible to access building insurance policies within Flood Re.
To ask the Secretary of State for Environment, Food and Rural Affairs what criteria will be used to determine whether a property owner is eligible to access building insurance policies within Flood Re.
The criteria that the insurance industry will use to determine if a property is eligible for cover through Flood Re was set out in the information note published in March. It can be found at:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/292353/water-bill-flood-insurance-scope-flood-re.pdf
To ask the Secretary of State for Environment, Food and Rural Affairs what assessment he has made of research carried out by the British Insurance Brokers Association into the difficulties that groups excluded from accessing buildings insurance within Flood Re are experiencing in accessing affordable flood insurance; and if he...
To ask the Secretary of State for Environment, Food and Rural Affairs what assessment he has made of research carried out by the British Insurance Brokers Association into the difficulties that groups excluded from accessing buildings insurance within Flood Re are experiencing in accessing affordable flood insurance; and if he...
The survey by the British Insurance Brokers Association (BIBA) has been considered with interest.
DEFRA has commissioned its own research to monitor the market for flood insurance. This will include the market for domestic insurance, for which Flood Re has been designed, and the market for commercial flood insurance, for which Flood Re was not designed.
I am planning to discuss this issue of commercial flood insurance with BIBA and representative organisations from the property sector at a round table meeting later this month.
To ask the Secretary of State for Environment, Food and Rural Affairs what assessment he has made of the effect of property level protection measures on flood insurance premiums.
To ask the Secretary of State for Environment, Food and Rural Affairs what assessment he has made of the effect of property level protection measures on flood insurance premiums.
The levels of insurance premiums are commercial decisions taken by individual insurance companies. These will take into account a range of factors and we cannot guarantee that installing property level protection will reduce premiums. However, installing property level protection will reduce the level of damage, distress and disruption associated with flooding for the householder.
The Government is working with the insurance industry to ensure that affordable cover continues to be available.
To ask the Secretary of State for Environment, Food and Rural Affairs what recent assessment he has made of the time taken by insurance companies to compensate those affected by the current year's floods.
To ask the Secretary of State for Environment, Food and Rural Affairs what recent assessment he has made of the time taken by insurance companies to compensate those affected by the current year's floods.
Ministers meet insurers on a regular basis to discuss recovery, including time for claim payments. The next Government/industry roundtable is scheduled for 21 May.