Flood Re has posted a 43% fall in pre-tax profit to £13.5m as rising reinsurance costs more than outweighed lower claims costs in the year ended 31 March 2025.
During the year the number of policies ceded to the joint initiative between the government and insurers rose by 20% to 346,200 – the highest on record – as insurance revenue went up to £65.8m.
Claims reached £159.6m, still above average but down from £211.2m the year before.
Flood Re detailed that the costs included £115.5m as well as the continued development in claims related to the prior year storm events of Babet and Henk.
It cited that during the year, the named storm Bert, and two periods of
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