For the year ending 31st March 2024, Flood Re reported a profit before tax of £23.8m and saw a 9% increase in the number of policies (288,567) ceded to the scheme. Around a third of claims submitted to Flood Re for storms Babet, Ciaran and Henk included Build Back Better provisions, although usage amongst individual insurers ranged from 4% to 56%.

Andy Bord (pictured), outgoing CEO of Flood Re, said: “This year, the resilience and effectiveness of the Flood Re Scheme were rigorously tested by severe storms Babet, Ciaran and Henk, marking the most significant flood events since our inception in 2016. We met these challenges head-on and delivered for those most at risk.

“During my tenure, we’ve achieved significant milestones, such as enabling over 550,000 households to access affordable home insurance and launching the world-first BBB initiative.”