James Dalton, director of general insurance policy at the ABI, has welcomed the review.
The independent review into flood insurance will be led by the former chair of the Association of British Insurers, Amanda Blanc.
The review will seek to examine the level of insurance cover held by those affected in Doncaster, the barriers they may have faced in obtaining cover and whether there are any systemic issues in the provision of flood insurance.
Data will be collected through speaking to residents and businesses in the Doncaster area where over 760 properties were reported as having flooded.
The River Don recorded its highest ever peak flows at Rotherham and Doncaster on 8 November 2019, with South Yorkshire experiencing its wettest November on record seeing over two and a half times its average rainfall.
The review will provide recommendations that will help enable homes and businesses to access sufficient insurance cover for flooding while also informing any future policy decisions in this area.
Environment Minister Rebecca Pow said: "I’m pleased that the independent review into flood insurance is now underway and I look forward to examining its outcomes in the coming months.
"I saw first-hand the awful impact flooding can have on communities across many parts of the country this winter. We want at risk homes and businesses to be able to access sufficient insurance so they have the help they need to get back on their feet as soon as possible after a flood."
Blanc said: "Flooding is a truly devastating event for any householder or business to suffer with consequences that can take many months or even years to overcome.
"Appropriate and adequate flood insurance can greatly assist with this recovery; helping to get families back into their homes and put businesses back on their feet.
"However, for insurance to be effective, all communities, including those most at risk, should consider that flood cover is both available and affordable.
"I am keen to start work to ascertain if this has been the case in Doncaster under the current system and to make recommendations to ensure the benefits of flood insurance are accessible to all."
James Dalton, director of general insurance policy at the ABI, welcomed the review.
He said: “Despite the challenges that COVID-19 has posed, insurers are continuing to help people get their lives back on track following the recent series of devastating floods that damaged thousands of homes and businesses.
"We welcome the independent review, announced by the government, to be led by Amanda Blanc.
“We all have an important role to play in ensuring those in flood risk areas are able to access flood insurance. This will include building public awareness of how the insurance market has changed since Flood Re was established which, to date, has enabled over 300,000 homeowners to access affordable flood cover.
"The ABI and our members are committed to working with government and stakeholders as this review progresses.”
The review is set to be completed by the end of September 2020
