Responding to flood risk in the United Kingdom : a strategic reappraisal
Responding to flood risk in the United Kingdom : a strategic reappraisal
The large flood losses that have been sustained since 1998 in the UK, and the competitiveness of the insurance market, have raised concerns about the future viability of flood insurance provision. This study has examined in depth the mechanisms by which flood insurance is provided, and assessed potential alternatives. It has been concluded that it is likely that in most areas flood insurance should indeed remain viable. For more marginal and high-risk areas, the insurance industry may need to alter the pricing or insurance products that they are providing. However, the complex and multifaceted structure of the insurance market is providing an obstruction to changes in the way that flood insurance is provided. The competitiveness of the market, and consequently the low insurance premiums, mean that individual property owners are taking too little responsibility for their own flood recovery.
An examination of the way in which flood management and flood recovery are provided has illustrated that a government-led strategy is the most effective for flood management, whereas a commercial market system remains most efficient for the provision of flood recovery. It is observed that too little of the risk burden is situated with the individual property owner. To tackle this, and increase the overall effectiveness of flood management in the United Kingdom, a risk response partnership is suggested. Establishing closer relationships between all of the relevant stakeholders means that more effective dialogue would result. This partnership also needs to ensure, possibly through incentives for individual mitigation, that floodplain dwellers engage more readily in flood management and play a more central role in responding to and recovering from flooding.
University of Southampton
2003
Priest, Sally Jane
(2003)
Responding to flood risk in the United Kingdom : a strategic reappraisal.
University of Southampton, Doctoral Thesis.
Record type:
Thesis
(Doctoral)
Abstract
The large flood losses that have been sustained since 1998 in the UK, and the competitiveness of the insurance market, have raised concerns about the future viability of flood insurance provision. This study has examined in depth the mechanisms by which flood insurance is provided, and assessed potential alternatives. It has been concluded that it is likely that in most areas flood insurance should indeed remain viable. For more marginal and high-risk areas, the insurance industry may need to alter the pricing or insurance products that they are providing. However, the complex and multifaceted structure of the insurance market is providing an obstruction to changes in the way that flood insurance is provided. The competitiveness of the market, and consequently the low insurance premiums, mean that individual property owners are taking too little responsibility for their own flood recovery.
An examination of the way in which flood management and flood recovery are provided has illustrated that a government-led strategy is the most effective for flood management, whereas a commercial market system remains most efficient for the provision of flood recovery. It is observed that too little of the risk burden is situated with the individual property owner. To tackle this, and increase the overall effectiveness of flood management in the United Kingdom, a risk response partnership is suggested. Establishing closer relationships between all of the relevant stakeholders means that more effective dialogue would result. This partnership also needs to ensure, possibly through incentives for individual mitigation, that floodplain dwellers engage more readily in flood management and play a more central role in responding to and recovering from flooding.
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Published date: 2003
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Local EPrints ID: 465005
URI: http://eprints.soton.ac.uk/id/eprint/465005
PURE UUID: 99cf9957-85a2-46bf-b3aa-aa0644f0bfd5
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Date deposited: 05 Jul 2022 00:16
Last modified: 05 Jul 2022 00:16
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Author:
Sally Jane Priest
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