A PYMNTS Company

EU: Antitrust regulators approves UK flood reinsurance scheme

By  |  January 29, 2015

The European Commission approved on Thursday a UK reinsurance scheme aimed at ensuring affordable insurance for flood-related damage.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The scheme will set up a pool to provide reinsurance for the flood risk element for households deemed to be at high risk offlooding. It will be partly funded by an industry-wide levy, which could confer an economic advantage to the pool over its competitors.

    The Commission also said the scheme was open to all companies providing domestic property insurance in Britain and that it was transitory, designed to be phased out after an estimated 20 to 25 years.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.