Flood Re, the joint Government and insurance industry scheme that helps make flood insurance available and affordable for eligible households at risk of flooding, has today published its Annual Report and Accounts for the year ended 31 March 2026.
The results mark a year of strong delivery, with Flood Re supporting an estimated 353,000 households through the Scheme whilst maintaining a robust financial position as it enters its second decade. The Annual Report and Accounts come shortly after Flood Re announced a major package of reforms aimed at better targeting support towards households who need it most, strengthening property-level flood resilience and supporting a smooth transition towards a sustainable flood insurance market ahead of its planned end in 2039.
Key figures – year ended 31 March 2026:
• Estimated 353,000 policies ceded to Flood Re
• £48.8 million profit before tax
• £1,074.7 million invested and liquid assets
• Solvency Capital Ratio increased to 324%
The Scheme’s financial performance reflects another year in which Flood Re continued to deliver on its core purpose of helping households at high risk of flooding access affordable insurance, whilst maintaining a strong financial position. Whilst claims during the year were lower than expected, this reinforces the importance of building financial resilience during periods of lower loss, ensuring that the Scheme remains well placed to support households when severe flooding does occur.
Having recently marked its tenth anniversary, Flood Re now supports an estimated 353,000 policies and has helped more than 742,000 households since the Scheme was established. Around 23% of properties ceded during the year had not previously been ceded to Flood Re, demonstrating that the Scheme continues to reach new households requiring affordable flood insurance.
Alongside continuing to improve affordability and availability, Flood Re has also made significant progress in strengthening household resilience. During the year, the Scheme continued to expand its Build Back Better programme, progressed the development of Flood Performance Certificates to help recognise and encourage investment in property-level resilience and broadened its work with industry and Government to support a more resilient flood insurance market.
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The Annual Report also reflects the increasingly challenging environment in which the Scheme operates, including rising reinsurance costs and increasing flood risk associated with climate change. It highlights why the reforms announced last month are an important next step in ensuring that the Scheme remains fair, financially sustainable and focused on those households who need support most.
Flood Re also today announces that Bridget Rosewell CBE will stand down from her role as Non-Executive Director and Chair. Bridget will remain in post until her successor has been appointed, ensuring a smooth and orderly transition.
During her tenure, Bridget has helped guide the organisation through an important period in its evolution, including its tenth anniversary and the launch of reforms that will shape the Scheme’s second decade. The process to appoint Flood Re’s next Chair is firmly underway, in line with the organisation’s established governance and succession processes.
Bridget has been appointed Chair of a new Department for Transport Taskforce on transit systems.
Perry Thomas, CEO of Flood Re, said: “Flood Re was created to ensure that households at high risk of flooding can access affordable insurance and these results show that the Scheme continues to deliver on that purpose despite a highly challenging external landscape.
"As we enter our second decade, we are building on ten years of success with a stronger focus on resilience and ensuring that support reaches those who need it most. That will help households, communities and the insurance market become better prepared for the future.
"I would also like to thank Bridget for her outstanding leadership as Chair. She has made an enormous contribution to Flood Re and leaves the Scheme in a strong position for its next chapter.”
Bridget Rosewell CBE, Chair of Flood Re, added: “It has been a privilege to serve as Chair during such an important period for Flood Re. I am incredibly proud of what the organisation has achieved over the past decade in helping hundreds of thousands of households access affordable flood insurance.
"Flood Re now enters its next phase with a clear vision, a talented team and a renewed focus on resilience and supporting those who need it most. I have every confidence that it will continue to make a real difference throughout its second decade, as it prepares for the planned transition to a sustainable flood insurance market in 2039.
"I look forward to continuing to support the Board and the organisation until my successor is appointed, ensuring a smooth transition into Flood Re’s next chapter.”
[Main image credit: Alexey Fedorenko / shutterstock.com]