Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Reinsurance definition

What does Reinsurance mean? Reinsurance is the transfer by an insurer (the cedant) of part of its insurance risk to another insurer (the reinsurer) under a separate contract, to manage exposure, protect capital and satisfy prudential requirements. While regulatory definitions exist (for example under Solvency II and UK financial services legislation), the term is chiefly a contractual and market expression developed through practice and case law. Key structures include: - Proportional reinsurance (such as quota share or surplus), where premiums, losses and expenses are shared at an agreed percentage. - Non‑proportional reinsurance (such as excess of loss or stop loss), which responds once the cedant’s retention/attachment point...

Flood Re (UK) under the Water Act 2014: household flood reinsurance—scope, funding (Levy 1/II), eligibility, exclusions, leasehold/commercial treatment and 2022–2025 updates for property and insurance lawyers

Published by a LexisNexis Environment expert

Practice notes

Background to the scheme

The association of british insurers (abi) and government operated an accord, the Statement of Principles (SoP), in effect from 2000. Through the SoP, the insurance market pledged to make flood cover for homes and small enterprises available widely as part of standard household and small business insurance policies where flood risk was not considered material (typically interpreted as no worse than a 1 in 75 year annual chance of flooding). The SoP also placed an obligation on insurers to consistently keep offering flood cover to existing domestic policyholders and small business customers at significant risk (more than a 1 in 75 year annual probability of flooding). The continuation of such cover relied on the Environment Agency having publicly announced plans to bring the local flood risk down to below a 1 in 75 annual probability within five years, as part of its Medium Term Investment Plan. Insurers were further expected to retain cover for new owners purchasing properties that had previously flooded or were known to be at flood risk, provided the property was already insured under the SoP framework. However, the SoP explicitly excluded new properties constructed after 1 January 2009, in order to...

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Michael Bowes

6 Pump Court

Dr Michael Bowes has extensive experience in law including: Infrastructure, Energy, Planning, Environmental, Commercial and Competition. In addition, he has considerable experience in Water Law and is recognised as an industry expert. He provides advice to the top level of those in Law and Industry.He currently works at 6 Pump Court Chambers as a barrister. Michael joined Chambers from a long and successful career in private practice. He qualified as a solicitor in 2007. During the previous decade, he worked with Eversheds Sutherland LLP and BCLP LLP as a senior regulatory specialist. He led teams in Nationally Significant Infrastructure Projects to include Development Consent Orders and Transport Works Act Orders. Previous to this, he worked as a lawyer with international organisations (The United Nations, The Council of Europe) and private organisations (fund management, private enterprise, private practice). He has also taught...

Web page updated on 21/05/2026

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