Flood Re is a joint government and insurance industry scheme designed to help eligible UK households at risk of flooding access flood insurance. The scheme published its annual report and accounts for the year ending 31 March 2026, revealing that the scheme currently supports around 353,000 policies and has helped more than 742,000 households since its launch.
The plan also underlines its strong financial position as it enters its second decade, with pre-tax profits of £48.8m for the year to 31 March 2026.
Investment assets and current assets amounted to £1.07 billion, and the solvency capital ratio increased to 324%.
Ahead of the release of its annual report and accounts, Flood Re recently announced a series of major reforms aimed at better supporting households most in need, strengthening property-level flood resilience and supporting a smooth transition to a sustainable flood insurance market ahead of the scheme’s planned end in 2039.
According to Flood Re, about 23% of properties transferred this year had not previously been transferred to the agency, indicating that the program continues to reach new households in need of affordable flood insurance.
This year Flood Re also expanded its Build Back Better programme, advanced the development of flood performance certificates to help recognize and encourage investment in property-level resilience, and expanded its work with industry and government to support a more resilient flood insurance market.
In addition to the annual results, Flood Re also announced that Bridget Rosewell CBE will resign as non-executive director and chairman.
Rothwell will remain in office until a successor is named to ensure a smooth and orderly transition.
“During her tenure, Bridget has helped guide the organization through a significant period of growth, including its tenth anniversary and the initiation of reforms that will shape the program’s second decade,” said Flood Re. “The process of appointing Flood Re’s next president is well underway and consistent with the organization’s established governance and succession processes.”
Perry Thomas, chief executive of Flood Re, commented: “Flood Re was created to ensure households at high risk of flooding have access to affordable insurance, and these results show that the scheme is continuing to deliver on this despite the challenging external environment.
“As we enter our second decade, we will build on the success of the decade with an even greater focus on resilience and ensure support is available to those who need it most. This will help families, communities and the insurance market be better prepared for the future.
“I would also like to thank Bridget for her outstanding leadership as chair. She has made a tremendous contribution to Flood Re and has positioned the program well for its next chapter.”
Bridget Rosewell CBE, Chair of Flood Re, said: “It is a great privilege to serve as Chair of Flood Re at such an important time. I am incredibly proud of the organization’s achievements 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 support for those who need it most. I have every confidence that it will continue to make a real difference in its second decade, preparing for the planned transition to a sustainable flood insurance market in 2039.
“I look forward to continuing to support the board and organization until my successor is appointed, ensuring a smooth transition into Flood Re’s next chapter.”
