A partnership approach to managing flood risk

Flood risk poses a significant threat to many communities and, whereas measures can be taken to reduce the likelihood and impact of flooding, the risk can never be eliminated altogether. Insurance provides a useful means of spreading the residual risk and this paper provides a description of the UK partnership that enables insurance, backed by private-sector capital, to be made available on the basis of Government commitment to manage risks. It describes the benefits of this approach compared with that taken in other parts of Europe and makes the case for further broadening and deepening of partnership as climate change and socio-economic development give rise to increasing risks.