A Comparison of Residential Flood Insurance Markets in 25 Countries
Recognizing the growing interest in improving resilience to flood risk around the world and the role that insurance can play in that regard, several countries are debating what national flood insurance solutions they should have in place, or how to improve the current situations. Insurers are also fully involved in those discussions, either because they cover the risk, partner with the national government in doing so by underwriting, selling policies, adjusting claims after disasters, or because they are contemplating market opportunities. This white paper reviews homeowners’ flood insurance in 25 countries: the role of the public and private sectors, design choices (required or voluntary insurance, bundled with other coverage or standalone, pricing determination), elements of market penetration (typically fairly low unless requirements are in place, and enforced), links between insurance and mitigation efforts (which we find to be relatively poor in most countries, except the U.S.) and other features in describing the similarities and differences across the national solutions. We find that the “best” design or features will depend on the specificities and culture of the country under study. It is of value, though, to better understand options and alternative ways to provide flood insurance solutions to those in need of financial protection; this review can help in that process.
Wharton; IIASA; Zurich
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