Valerie Chairs Delegated Legislation Committee on Flood Re-insurance

On Wednesday 26 February 2025, I chaired the Delegated Legislation Committee, which considered the draft Flood Reinsurance (Amendment) Regulations 2025. The motion was moved by Emma Hardy, Parliamentary Under-Secretary of State for Environment, Food and Rural Affairs.

This statutory instrument allows for an increase to a levy placed on UK household insurance providers, from £135 million a year to £160 million a year, from 1 April 2025. This change will allow Flood Re Ltd to manage its changing risk profile, securing its ability to provide flood cover to UK households while also ensuring that the total levy is no higher than needed.

It will now be approved by Parliament at a later date.