Flood Re can cope without additional cash from insurance industry: Chair

Mark Hoban, chairman of the U.K. government's Flood Re Ltd. reinsurance plan, has said that Flood Re should be able to cope without any additional cash from the insurance industry, reports Reuters.

The Flood Re scheme has been set up to cut insurance costs for homes in flood-risk areas.

It is funded in part by a £180 million ($256 million) annual levy on the industry.

"We do not expect to charge levy two," said Mr. Hoban, adding that "levy two would be in extremis."

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