Investigating whether flood insurance is available and affordable
This study investigated the differences in flood insurance options and costs between high and low flood-risk areas in England.
Documents
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Details
Ongoing monitoring of the insurance market is helpful to measure the extent to which Defra’s policy aim (flood insurance being available and affordable for high risk households and businesses over a transitional period of 25 years) is being achieved through Flood Re.
This study was commissioned to provide up to date baseline information about whether flood insurance is both available and affordable for householders and small businesses in England in high and low flood-risk areas.
Results
The research was carried out through a survey and telephone interviews, and was published as two separate reports; one for households and one for SMEs. It found that 85% of householders had taken out house insurance with no differences observed between the “at risk” and control areas.
It also found that insurance takeup in SMEs is high, with 95% of businesses having commercial insurance cover and only 2.5% reporting any difficulties in accessing insurance. There were no differences between at risk and control areas.
This project was started in November 2014 and completed in March 2015.