Graham Stuart, the MP for Beverley and Holderness, has responded to today’s announcement that a deal has been agreed between the Government and the insurance industry which paves the way for a new scheme to ensure that people who live in homes with a high risk of flooding will continue to have access to affordable insurance.
The Association of British Insurers (ABI) has agreed a Memorandum of Understanding with the Government which lays the foundations for the new “Flood Re” scheme. This will constitute a not-for-profit flood insurance fund, owned and managed by the industry, which will help ensure flood insurance for up to 500,000 properties in the UK where obtaining flood insurance in an open market would be problematic. It will replace the current Statement of Principles, which was agreed in 2008 and was due to expire at the end of July.
Graham has campaigned for a long-term solution to flood insurance over a number of years. He has met repeatedly with floods minister Richard Benyon and Cabinet minister Oliver Letwin, as well as the ABI, to emphasise the importance of this issue to the people of East Yorkshire.
In January 2013, Graham launched a petition to Government to seek a resolution with the ABI to ensure home flood insurance remained available and affordable. On Tuesday 19 March, local Councillors John Dennis and Mike Bryan were joined by Beverley resident Les Diment and National Flood Forum member Ron Smith to travel to London to hand the petition in to No 10 Downing Street.
Responding to the news, Graham Stuart MP said:
“Exactly six years ago this week, East Yorkshire was devastated by flooding. Today’s agreement represents a significant step towards a solution which will ensure affordable insurance for those at flood risk without placing unsustainable costs on wider policyholders and the taxpayer.
“I am delighted that that our campaign has paid off and that a deal has been agreed in principle. The Government and industry deserve congratulations for reaching an agreement – now it is time to get this scheme up and running as soon as possible.
“I will be keeping up the pressure until we secure the lasting deal for which people in Beverley and Holderness have been waiting for so long.”
