Prestige Underwriting’s commitment to improving wider access to Flood Re cover
It's imperative the Insurance industry innovates and respond to the needs of all brokers and consumers. One such innovation is Flood Re, one of the most significant initiatives ever to be introduced into the home insurance market.
Flood Re was designed to make affordable insurance cover widely available to householders in the UK, who live in private residential homes built pre-2009 at risk of flooding. Its purpose is to ensure UK homes at the highest risk of flooding can obtain affordable flood cover.
As one of our Marketplace partners, Prestige Underwriters are a leading MGA and specialist provider of non-standard and niche insurance products, their Coverall product has been Flood-Re enabled and offered to Brokers via their portal Cover.net since the inception of the Flood Re scheme. Brokers have been able to offer Coverall to their customers with this all-important flood cover included.
As part of their long-term commitment to Brokers and the non-standard household market, Prestige Underwriters have committed to enhancing their product across several of the Software House platforms. One of the key deliverables from this investment has been to provide Flood-Re enabled Coverall via two key trading platforms including CDL (launched this month) and OGI currently under development (late 2021).
This integration will help our Brokers deliver value to their customers. This open-market integration will also provide Brokers, with whom we do not currently have a trading relationship, access our non-standard home solution at a Flood-Re enabled price. This benefit represents a significant opportunity for brokers to develop and grow their book of business.Tim Baxter, Head of Broker Development, Prestige Underwriting
Impact of climate change on product offering
Due to climate change and constantly rising sea-levels, the UK weather has become more extreme and erratic, therefore the threat of flooding is ever-increasing. The Met Office records* show since 1910 there have been 17 record-breaking rainfall months or seasons – 9 of which have occurred within the last 20 years (Sourced Morgan Clark Claims). Furthermore, reports state our homes are more likely to be flooded than burgled and 1 in 6 properties in England alone are at risk of flooding from rivers. As a provider of specialist home insurance solutions, it's important their product offering, and distribution channels therefore meet the ever-changing market conditions – including the increased threat of flooding as a result of climate change.
Prestige Underwriting are committed to ensuring their partners are able to be competitive in the market and offer their client an edge when it comes to insurance and flood risk. They are combining the benefits of their non-standard proposition with Flood Re capability and believe that this will offer a unique solution to brokers via multiple channels of distribution.
How do I get a quote?
To find out more about how Prestige Underwriting can support you in placing household risks, visit the Coverall household product page on Marketplace, where you’ll find our wide range of solutions for those hard to place risks.