Insuring Large-Scale Floods in the Netherlands

Ruben Jongejan () and Pauline Barrieu ()
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Ruben Jongejan: Hydraulic Engineering, Delft University of Technology, Stevinweg 1, 2628CN Delft, P.O.Box 5048, 2600GA The Netherlands.
Pauline Barrieu: Department of Statistics, London School of Economics, Houghton Street, London, WC2A 2AE United Kingdom.

The Geneva Papers on Risk and Insurance - Issues and Practice, 2008, vol. 33, issue 2, 250-268

Abstract: Without its primary flood defenses, a large part of the Netherlands would be swallowed by rivers and the sea. Floods caused by the failure of primary flood defenses are high-impact, low-probability events that are notoriously difficult to insure. Private insurance was long considered unfeasible but the Dutch government is currently studying ways to introduce a public–private insurance program. This paper offers a discussion of variables that should be taken into account in the choice for an arrangement for the financing of large-scale floods in the Netherlands. Because flood risk is highly concentrated and potential losses could be severe, a strong government role seems inevitable. But this would not necessarily be inappropriate as this could reduce the risk of underinvestment in flood protection. The Geneva Papers (2008) 33, 250–268. doi:10.1057/gpp.2008.10

Date: 2008
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