Flood Re has elevated the annual insurance coverage business levy by £25m to £160m from subsequent April, in a string of adjustments it stated have been designed to maintain flood insurance coverage obtainable and inexpensive.
The joint initiative between the insurance coverage business and the federal government famous that the shifts in key scheme parameters included the legal responsibility restrict rising from £1.9bn to £3.2bn and the loss restrict leaping to £250m from £100m.
The strikes are scheduled to final till March 2028 and have been agreed by the Division for Setting, Meals and Rural Affairs Minister of State Robbie Moore MP.
In keeping with Flood Re, the choice stems from its common overview means of the levy and legal responsibility restrict, as
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