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Flood insurance in the UK: a system in transition
| Diane Horn Coastal Geomorphology in the Department of Geography, Environment and Development Studies at Birkbeck College University of London)University of Rhode Island (URI) |
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This presentation will describe the major changes taking place in the UK flood insurance market and compare the UK's entirely private insurance market to countries where the government plays a major role, particularly the US National Flood Insurance Program. The UK approach is unique in not passing any flood risk to government, but recent floods have challenged the informal agreement between the insurance industry and the UK government. Unusually, insurers are arguing against a free market solution, arguing that no country in the world provides universal flood cover without some form of government-led support. This reliance on the private sector means that insurance coverage, premium subsidies, penetration rates, disaster assistance after floods, and the links between floodplain management and flood insurance are all very different in the UK.