International approaches to residential flood insurance
Canada is the one of the last developed nations to start offering flood insurance to its residents. Among other developed nations, no two approach residential flood insurance in the same way. Some have opted for private programs, while others have opted for public programs. Flood insurance protection is mandatory in some nations and voluntary in others. The way in which protection is priced and funded also differs. The one thing that doesn’t differ across nations is the continuing struggle to offer residents a viable flood insurance program.
Provided below is information on the flood insurance programs offered in select countries across the world. The experience from these countries, as well as others, is helping to shape the Canadian approach to residential flood insurance.
The financial management of flood risk, Insurance Bureau of Canada.
Making flood insurance for Canadian homeowners, Swiss Re and Institute for Catastrophic Loss Reduction.
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