The chairman of a scheme set up to provide flood victims with affordable home insurance says it has been a "great success" in the 12 months following its introduction.

Today marks one year since the Flood Re initiative was brought into effect.

The scheme works by collecting a tax from home insurers in the UK, which is then put towards a centrally-managed £180m fund.

Each home insurer then passes on the flood risk part of the policy to Flood Re, with any claims then reimbursed from the larger pot.

"Before we started, only about nine per cent of flood victims were able to get two or more insurance quotes," Mark Hoban, chairman of Flood Re told the News & Star.

"But now that figure stands at about 90 per cent, so I think we've done remarkably well, it's been a great success."

Mr Hoban added that many flood victims across Cumbria who have obtained insurance through Flood Re are also benefiting from much fairer premiums.

"Four out of five people have seen reductions of more than 50 per cent," he added.

"Before that, flood victims were looking at excesses that were four or five figures.

"We've been able to set the excess at £250, which is great."

Looking ahead to the next 12 months, Mr Hoban said it is important that the message of what Flood Re can offer flood victims continues to spread.

"Last year we did a bike ride from John o'Groats to Land's End," he said.

"On the way, we passed through Cumbria and stopped to talk to people and raise awareness about the scheme.

"There are still people out there who don't know about Flood Re, so we want to make sure they know that we're here to help."

Mr Hoban also explained that Flood Re - which is in place until 2039 - does not just apply for home owners looking to buy their first insurance policy after the floods.

"It's a continuing scheme," he said. "The important thing is to shop around.

"If you've been flooded once, then you can carry on using the scheme every time you buy home insurance.

"It's designed to keep protecting people who live in flood risk areas."

Mark Shepherd, head of property at the Association of British Insurers, said that the introduction of Flood Re has made a "real difference" to people living in areas that are at risk of flooding.

He said: "Flood Re is the result of many years of work by the insurance industry and Government.

"There is clear evidence that it's making a real difference to thousands of people in flood risk areas, creating the opportunity to shop around and bringing down premiums and excesses.

"As an industry, we are confident its impacts will continue to grow."

Further information on Flood Re, including the terms of eligibility, is available by visiting www.floodre.co.uk