In this IIL property lecture Mark Hoban talked about how the need for Flood Re was identified, its formation, launch and the wider lessons that can be drawn from it.
Flood Re is a unique partnership between Government and insurers to meet a specific public policy challenge - to improve the affordability of flood cover for high risk properties. It is authorised by UK regulators in the same way as other reinsurers, but is owned and operated by the insurance industry whilst having public accountability to Parliament. Not for profit, and with a lifespan of 25 years, its aim is to take the market back to risk reflective pricing. Eight month after launch, the scheme has already accepted 53,000 policies and is likely to benefit 500,000 households over time.
By the end of this lecture members would have gained an insight into:
- How a systemic industry failure was addressed
- Details of how Governmental and regulatory requirements were met to crate a world first reinsurance company
- How Flood Re will transition the market to risk reflective pricing over its lifetime
Speakers Bio:
Mark was appointed Chair of Flood Re in February 2015. He also serves on the London Stock Exchange Plc Board, is a Board member of TheCityUK and Chair of the International Regulatory Strategy Group. He is a senior adviser to Markit and PricewaterhouseCoopers.
Chair:
Andy Brooks, Manager, International Property, Allied World Assurance Co.
Venue
Registration & Security
CPD events are open to CII and PFS members
Registration closes at 12pm two working days before the event date
For events held in The Old Library, Lloyd's pass holders may also attend and do not need to register
Original Photo ID (Driving Licence, Passport, Work ID with company logo and full name) is required to gain entry to all venues
Conditions:
- Email confirmations and original photo ID must be produced to security staff at the lecture venue
- Attendance confirmations are non-transferable to any other person or lecture
- All venues have limited capacity and registration and/or a Lloyd's pass does not guarantee admission
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Contact:
Please contact Patricia Pedraza (07463 028327) with any queries regarding the CPD events programme.
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