Member

The noble Baroness, Lady Bakewell, and the noble Lord, Lord Roborough, asked about costs. Obviously, it is for insurance companies to manage the cost of the levy. Some are likely to pass the cost of increasing levy 1 on to household policyholders, presumably across all policyholders. Where they do, Flood Re estimates that the scale of the increase will be around £1.50 per policy per annum, as the noble Lord, Lord Roborough, referred to. The current cost across all household policies is understood to be approximately £7.88.