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Fitch: Flood Re to have limited effect on UK nonlife insurers' ratings

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Fitch: Flood Re to have limited effect on UK nonlife insurers' ratings

Fitch Ratings said March 30 that Flood Re will have alimited effect on the ratings of nonlife insurance companies in the U.K.because of their size and business/geographic diversification.

Fitch said the U.K. government-backed flood insurance scheme,which will be funded by an industry levy of £180 million, will make homeinsurance temporarily affordable for policyholders but will not cut flood riskin the long term.

The agency added that achieving the ultimate goal after thescheme's expiry in 2039 — for insurers to return to risk-reflective pricingwithout making flood cover unaffordable for many households — will requirelarge-scale improvements in flood defense and resilience measures.