Skip to main content

Research Repository

Advanced Search

Accessibility of flood risk insurance in the UK: Confusion, competition and complacency

Lamond, Jessica; Proverbs, David; Hammond, F. N.

Accessibility of flood risk insurance in the UK: Confusion, competition and complacency Thumbnail


Authors

Jessica Lamond Jessica.Lamond@uwe.ac.uk
College Dean for Research & Enterprise

David Proverbs

F. N. Hammond



Abstract

Flood risk insurance can be an effective tool in assisting the restoration of damaged property after a flood event and sustaining communities through difficult times. It can also form part of a wider flood risk management strategy. In the light of recent flood events in the UK and in the context of changing property insurance markets, the universal cover previously enjoyed by floodplain residents has been called into question. Conflicting media and industry views leave the floodplain resident and the wider community in confusion. A survey of floodplain residents in England regarding their experience with flooding and flood insurance in England has been undertaken. The results reveal that some floodplain residents do indeed encounter difficulties when seeking insurance for their homes. However, despite the risk-averse policies of some insurers, availability of insurance is still strong in both at-risk and previously flooded locations. Success in gaining insurance may lead to complacency among residents who see no advantage in pursuing other, more costly, damage mitigation actions. As a tool in risk management, therefore, the market is prevented from realising its potential by competition, which results in a lack of a consistent approach, rewards homeowners' search strategies and reduces information flow.

Citation

Lamond, J., Proverbs, D., & Hammond, F. N. (2009). Accessibility of flood risk insurance in the UK: Confusion, competition and complacency. Journal of Risk Research, 12(6), 825-841. https://doi.org/10.1080/13669870902768614

Journal Article Type Article
Publication Date Sep 1, 2009
Deposit Date Dec 8, 2011
Publicly Available Date Feb 10, 2016
Journal Journal of Risk Research
Print ISSN 1366-9877
Electronic ISSN 1466-4461
Publisher Taylor & Francis (Routledge)
Peer Reviewed Peer Reviewed
Volume 12
Issue 6
Pages 825-841
DOI https://doi.org/10.1080/13669870902768614
Keywords flood, risk, management, insurance, search, adaptation
Public URL https://uwe-repository.worktribe.com/output/1003801
Publisher URL http://dx.doi.org/10.1080/13669870902768614
Additional Information Additional Information : This is an Accepted Manuscript of an article published by Taylor & Francis in Journal of Risk Research in 2009, available online: http://wwww.tandfonline.com/10.1080/13669870902768614

Files







You might also like



Downloadable Citations