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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.

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

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