The ABI and the Government agreed a Memorandum of Understanding (MoU) in June 2013 on how to develop a not-for-profit scheme - Flood Re – to allow flood insurance to remain widely affordable and available, while allowing a sustainable transition to risk reflective pricing over 25 years. The MoU was a first step towards establishing Flood Re, confirming it as the Government’s preferred option to ensure the continued availability of flood insurance to flood risk households.
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