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Water Act 2014

Water Act 2014

2014 CHAPTER 21

Summary and Background

Part 4: Flood insurance (sections 64 to 84)

28.This Part contains new arrangements designed to deal with the affordability and availability of home insurance in areas of high flood risk. The framework includes:

  • powers to establish a levy-funded reinsurance pool for high risk households (known as “Flood Re”), and

  • reserve powers to regulate the insurance industry by requiring insurers to each insure a certain share of a list of higher flood risk properties (known as the “Flood Insurance Obligation”).

29.The reserve powers are needed in case Flood Re proves unworkable or does not deliver the Government’s policy goals, and if pricing in an open market proves to be unacceptable.

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Asesiadau Effaith

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.

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