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Alternative Approaches to Insurance of Extreme Flood Risk

In: New Trends in Finance and Accounting

Author

Listed:
  • Hana Bártová

    (University of Economics, Prague)

Abstract

Extreme flood risk belongs to actual issues of insurance industry. Flood risk is higher than in the past due to extreme events caused also by climate changes. This risk influences negatively the role of commercial insurance. Insurers make exceptions in cover of extreme flood claims. Risk of excessive floods becomes uninsurable and insurers look for alternative approaches to cover extreme impacts of flood risk realization. An effective solution is offered by cooperation among insurers, state and supervisor based on insurance pool. Reserves are concentrated within common flood fund. In case of extreme floods, fund covers excessive claims. Uninsurable flood risk is mitigated through pool system. Other approaches are provided by alternative risk transfer methods. Cover of extreme flood risk is provided by selected financial instruments and divided among different financial market participants. Extreme flood risk is also significant in conditions of foreign insurance markets. Alternative approaches have been introduced in the USA, Great Britain, Norway, etc. Common features of mentioned approaches are a system based on cooperation of related participants and a need to cover extreme flood risk.

Suggested Citation

  • Hana Bártová, 2017. "Alternative Approaches to Insurance of Extreme Flood Risk," Springer Proceedings in Business and Economics, in: David Procházka (ed.), New Trends in Finance and Accounting, chapter 0, pages 173-182, Springer.
    • Handle: RePEc:spr:prbchp:978-3-319-49559-0_16
    DOI: 10.1007/978-3-319-49559-0_16
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