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Report: Flood Re can run without funds from insurance industry, says chairman

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Report: Flood Re can run without funds from insurance industry, says chairman

Flood Re, the U.K.'s new state-backed scheme aimed atcutting insurance costs for homes in flood-risk areas does not need furtherfunding from the insurance industry, its chairman, Mark Hoban, said, accordingto a Reuters report from April 4.

The scheme is funded partly via a £180 million annual tax onthe sector.

"We do not expect to charge [a second levy],"Hoban told Reuters.

The insurers and brokers signed up to Flood Re includeAdmiral Group Plc,Aviva Plc, ,Legal & General GroupPlc and RSA InsuranceGroup Plc, Reuters noted.