{"id":21253,"date":"2017-02-15T12:03:46","date_gmt":"2017-02-15T12:03:46","guid":{"rendered":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?post_type=publication&p=21253"},"modified":"2024-09-19T15:32:55","modified_gmt":"2024-09-19T14:32:55","slug":"fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool","status":"publish","type":"publication","link":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\/","title":{"rendered":"Fit for Purpose and Fit for the Future? An Evaluation of the UK\u2019s New Flood Reinsurance Pool"},"content":{"rendered":"\n

This paper evaluates the UK’s “Flood Re” program, including the roles of the public and private sectors, risk modeling and risk communication, technical underwriting, distributional aspects, and behavioral implications of the program.<\/p>\n

Abstract<\/h3>\n

Flood Re is widely hailed as an innovative approach to disaster risk insurance. This paper offers a mixed-methods evaluation of the new pool, asking whether it is “fit for purpose” and “fit for the future.” The investigation considers the roles of the public and private sectors, risk modelling and risk communication, technical underwriting, distributional aspects and the behavioural implications of Flood Re, particularly with regards to risk reduction and prevention. The paper concludes that the new pool is a transitional reinsurance arrangement that supports the private insurance market and secures affordability of flood insurance in the UK through premium subsidies. However, this approach is likely to come under pressure in the face of rising flood risk as it fails to incentivize flood risk management and risk reduction efforts.<\/p>\n

RFF Discussion Paper 17-04. Washington, DC, Resources for the Future, February 2017.<\/strong><\/p>\n\n","protected":false},"excerpt":{"rendered":"\n

This paper evaluates the UK’s “Flood Re” program, including the roles of the public and private sectors, risk modeling and…<\/p>\n\n","protected":false},"author":12,"featured_media":0,"template":"","tags":[201,491,524],"publication-type":[436],"topic_area":[4692,4783,4694],"class_list":["post-21253","publication","type-publication","status-publish","hentry","tag-flood-insurance","tag-flood-re","tag-uk-flood-risk","publication-type-research-articles","topic_area-adaptation-and-resilience","topic_area-uk-adaptation-policy","topic_area-policy-evaluation"],"acf":{"exclude_from_sync":{"ref_value":"field_560538b0e7350","value":"0","type":false,"post_type":""},"downloads":{"ref_value":"field_52f16cc1a80f2","value":false,"type":"repeater","post_type":""},"rss_newsletter":{"ref_value":"field_54f5c2c1544d8","value":"","type":false,"post_type":""},"profile_link":{"ref_value":"field_52f164b5189e9","value":["swenja-surminski"],"type":"relationship","post_type":"profile"},"article_link":{"ref_value":"field_52eee3c7f0586","value":"https:\/\/www.rff.org\/research\/publications\/fit-purpose-and-fit-future-evaluation-uk-s-new-flood-reinsurance-pool","type":false,"post_type":""},"article_link_title":{"ref_value":"field_5322399d89d42","value":"External link to article","type":false,"post_type":""},"spotlight":{"ref_value":"field_52f80896506d3","value":"","type":false,"post_type":""},"show_translations_widget":{"ref_value":"field_6203d588c41e8","value":"0","type":false,"post_type":""}},"yoast_head":"\nFit for Purpose and Fit for the Future? An Evaluation of the UK\u2019s New Flood Reinsurance Pool - Grantham Research Institute on climate change and the environment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fit for Purpose and Fit for the Future? An Evaluation of the UK\u2019s New Flood Reinsurance Pool - Grantham Research Institute on climate change and the environment\" \/>\n<meta property=\"og:description\" content=\"This paper evaluates the UK’s “Flood Re” program, including the roles of the public and private sectors, risk modeling and...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\/\" \/>\n<meta property=\"og:site_name\" content=\"Grantham Research Institute on climate change and the environment\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-19T14:32:55+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/publication\\\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\\\/\",\"url\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/publication\\\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\\\/\",\"name\":\"Fit for Purpose and Fit for the Future? An Evaluation of the UK\u2019s New Flood Reinsurance Pool - Grantham Research Institute on climate change and the environment\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/#website\"},\"datePublished\":\"2017-02-15T12:03:46+00:00\",\"dateModified\":\"2024-09-19T14:32:55+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/publication\\\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\\\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/publication\\\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/publication\\\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Publications\",\"item\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/?post_type=publication\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"All research\",\"item\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/publication-type\\\/new-research\\\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Research article\",\"item\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/publication-type\\\/research-articles\\\/\"},{\"@type\":\"ListItem\",\"position\":5,\"name\":\"Fit for Purpose and Fit for the Future? An Evaluation of the UK\u2019s New Flood Reinsurance Pool\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/#website\",\"url\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/\",\"name\":\"Grantham Research Institute on climate change and the environment\",\"description\":\"The Grantham Research Institute at LSE carries out world-class research on climate change and the environment.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Fit for Purpose and Fit for the Future? An Evaluation of the UK\u2019s New Flood Reinsurance Pool - Grantham Research Institute on climate change and the environment","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\/","og_locale":"en_GB","og_type":"article","og_title":"Fit for Purpose and Fit for the Future? An Evaluation of the UK\u2019s New Flood Reinsurance Pool - Grantham Research Institute on climate change and the environment","og_description":"This paper evaluates the UK’s “Flood Re” program, including the roles of the public and private sectors, risk modeling and...","og_url":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\/","og_site_name":"Grantham Research Institute on climate change and the environment","article_modified_time":"2024-09-19T14:32:55+00:00","twitter_card":"summary_large_image","twitter_misc":{"Estimated reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\/","url":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\/","name":"Fit for Purpose and Fit for the Future? An Evaluation of the UK\u2019s New Flood Reinsurance Pool - Grantham Research Institute on climate change and the environment","isPartOf":{"@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/#website"},"datePublished":"2017-02-15T12:03:46+00:00","dateModified":"2024-09-19T14:32:55+00:00","breadcrumb":{"@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/fit-for-purpose-and-fit-for-the-future-an-evaluation-of-the-uks-new-flood-reinsurance-pool\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.lse.ac.uk\/granthaminstitute\/"},{"@type":"ListItem","position":2,"name":"Publications","item":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?post_type=publication"},{"@type":"ListItem","position":3,"name":"All research","item":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication-type\/new-research\/"},{"@type":"ListItem","position":4,"name":"Research article","item":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication-type\/research-articles\/"},{"@type":"ListItem","position":5,"name":"Fit for Purpose and Fit for the Future? An Evaluation of the UK\u2019s New Flood Reinsurance Pool"}]},{"@type":"WebSite","@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/#website","url":"https:\/\/www.lse.ac.uk\/granthaminstitute\/","name":"Grantham Research Institute on climate change and the environment","description":"The Grantham Research Institute at LSE carries out world-class research on climate change and the environment.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"}]}},"taxonomies":{"post_tag":["flood insurance","Flood Re","UK flood risk"],"publication-type":["Research article"],"topic_area":["Adaptation and resilience","UK adaptation policy","Policy evaluation"]},"_links":{"self":[{"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/publication\/21253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/publication"}],"about":[{"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/types\/publication"}],"author":[{"embeddable":true,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/users\/12"}],"version-history":[{"count":1,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/publication\/21253\/revisions"}],"predecessor-version":[{"id":74079,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/publication\/21253\/revisions\/74079"}],"wp:attachment":[{"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/media?parent=21253"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/tags?post=21253"},{"taxonomy":"publication-type","embeddable":true,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/publication-type?post=21253"},{"taxonomy":"topic_area","embeddable":true,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/topic_area?post=21253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}