Flood risk is becoming an increasingly important conversation for the insurance industry, and for Private Clients in particular.

Flood Re has played an important role since it was introduced in 2016, helping to make flood insurance available and affordable for homes at higher risk. But it was always intended to be a transitional solution, and with its planned end in 2039, the market is beginning to look towards what comes next.

There is currently a consultation around the future of Flood Re and how the transition will work. While there is still plenty to be decided, one thing is clear: the way flood risk is assessed and managed is changing.

Sara Simmons, Head of Home and Pet UW

Why does this matter for Private Clients?

For owners of high-value properties, the impact of flooding can be significant. It isn’t just the cost of repairing a building. There can be extensive landscaping, outbuildings, bespoke interiors and valuable contents to consider too.

That makes understanding a property’s individual flood risk increasingly important.

The future approach is expected to place greater emphasis on property-level risk and resilience. Measures that can reduce the impact of flooding could therefore become an increasingly important part of the conversation between clients, brokers and insurers.

Why the right insurance partner matters

Changes like these highlight the value of working with an insurer that understands the complexities of Private Clients.

At Covéa, we recognise that high-value homes aren’t always straightforward to insure. Our Private Clients proposition is built around understanding the individual needs of clients and working closely with brokers to find the right approach.

As the flood insurance landscape evolves, having a partner who can understand the detail, keep ahead of changes and help brokers navigate conversations with their clients will become increasingly important.

Flood risk isn’t going away, but the way we think about it is evolving.

With Covéa as your Private Clients partner, you can have confidence that changing risks are part of the conversation — today and in the future.