The Association of British Insurers has started the search for a new Chief Executive to be at the helm of the new Flood Re not-for-profit reinsurance scheme in partnership with the Government.

 Supported by a statutory industry levy, the scheme will be owned and run by the insurance industry. Flolod Re is aimed at enablinf insurers to provide affordable insurance to high flood risk households. It is also intended to manage a smooth transition to what is described as "risk-refelective pricing" over 25 years.

Flood Re is being legislated for in the Water Bill which is currently before Parliament and is being established in partnership with the UK Government. The new role will initially be asn ABI appointment reporting to the Flood Re Project Board, which is made up of senior industry leaders. The CEO will subsequently be accountable to both the Flood Re Board and to Parliament once Flood Re is up and running.

The ABI is looking for a candidate with in-depth experience who already has a significant track record in the insurance industry and who will be charge with developing Flood Re's strategy in collaboration with the Flood Re Board. Skills needed for the position include demnstration of the personal attributes to establish and manage effective relationships withFlood Re's principal stakeholders - its key delivery partners, Government and senior leaders in the insurance industry.

The new CEO will also have to be an individual "who can join a challenging project at a critical stage" - unquestionably true and the industry will have to find an exceptional candidate to meet the challenges now facing the sector. Deadline for applications is 24th February.

Insurers to brief Government on flood recovery process

Government Ministers are holding a meeting today with insurance industry leaders to discuss how the insurance industry is stepping up to help those affected by the floods.

Cabinet Office Ministers Oliver Letwin and Jo Johnson, Flooding Minister Dan Rogerson and Communities Minister Brandon Lewis will host the Chief Executive Officers of Aviva, Direct Line Group, Axa, Lloyds Banking Group and Ageas along with the Claims Director of RSA and Underwriting Director of Axa. Together these companies represent 60% of the market. Otto Thoresen from the Association of British Insurers will also attend.

Ministers have requested an operational briefing on the immediate and longer-term practical recovery process to getting people back on their feet after the flooding, and the steps the industry is taking to ensure this process is as quick and simple as possible.

The insurance companies are also expected to advise that there is sufficient capacity of loss adjusters and specialist drying equipment to begin the repair and restoration process as soon as possible after the flood waters recede, and that they will continue to keep this under review.

Today’s meeting will be the first of regular monthly meetings to make sure the industry and government are doing everything necessary to help communities get back on their feet as quickly as possible.