UK Flood Re Future in Doubt

The UK government must urgently clarify the future of Flood Re, a reinsurance scheme designed to help homeowners secure affordable flood insurance. The Climate Change Committee (CCC) warns that uncertainty surrounding Flood Re's planned 2039 wind-down could negatively impact the housing market. This comes as flood risks are projected to rise significantly due to climate change, with 6.3 million properties in England already in flood-risk areas.

The CCC's recommendation is part of a broader report emphasizing the threats climate change poses to the UK. The committee estimates that approximately £11 billion annually, from both public and private sources, is required for adaptation measures. These measures aim to protect national heritage, ensure essential services like schooling, and adapt infrastructure to changing environmental conditions.