UK flood reinsurer to visit US
The delegation will visit Miami, Washington and New York. In addition to Flood Re, the delegation includes representatives from the insurance and broking sector.
“The Business of Resilience mission will provide Flood Re with a timely opportunity to share our internationally regarded approach to developing a resilient flood insurance market and to promote our groundbreaking work on adaptability through the Build Back Better Initiative,” said Dermott Kehoe, communications and transition director at Flood Re.
The Build Back Better Initiative, launched in April of last year, has gained support from 64% of the UK’s residential property insurance market, Flood Re said. The program enables participating insurers to offer relevant customers access to reimbursement costs of up to £10,000 (about $12,264) to invest in property-level flood resilience measures, in addition to the work done to repair damage caused by a flood.
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“This mission reflects the global nature of the challenges around flood and the need for international collaboration and sharing of best practice,” said Andy Bord, CEO of Flood Re. “It also recognizes the success Flood Re has had to date, underlining that by placing resilience at the heart of housing and building policy, it is possible to reduce householders’ vulnerability to extreme weather events and help communities reap the benefits of a safe, better-planned built environment.”
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