Insuring, Underwriting, and Sharing the Risks
Effective flood risk management requires effective work with a multitude of partners. Countries must ensure strong coordination among what are typically multiple governmental units at the federal level. However, this is only the beginning.
The private sector has a vested interest in reducing risks to its assets and to continued commerce in times of flood; it may provide funds, raise issues, provide creative alternative solutions. In some countries, insurance plays major role in facilitating flood recovery, and the insurance and reinsurance industry becomes a vital partner in flood risk management efforts.
The national government must also work effectively with local and regional governments, who see and can effect changes on-site. Building awareness of flood risks, and seeking opportunities for aligned efforts to share or reduce those risks, can result in effective partnerships. These partnerships are not limited to those with direct flood risk management responsibilities, since a wide variety of activities ranging from land use planning to financing can affect flood risks. Working with the public at risk can not only raise awareness, it may provide impetus at the local level for effective organization and response.
This session examined how partnerships with the general public, with sub-national governmental organizations, and with the private sector have been established to manage more effectively flood risks. Partnerships that create financing opportunities were explored, differing national models for insurance were reviewed, and examples of community-based readiness and inter-governmental partnerships were considered.
revised 18 Feb 2011