Improving Flood Insurance and Flood Risk Management: Insights from St. Louis, Missouri
AbstractThis paper examines the history of St. Louis, Missouri in coping with flood risk over the past 15 years, with a focus on flood insurance. Six challenges to the continued management of riverine flood risk are identified and discussed. They are (1) many property owners don’t buy flood insurance, (2) people underestimate flood risk, (3) we need better flood maps, (4) we have a “love affair” with levees, (5) flood risk is increasing over time, and (6) we take deep pride in rebuilding after a disaster. Recommendations for how to improve flood risk management in light of these challenges are offered. Focused attention is given to the possibility of long-term flood insurance contracts tied to long-term loans for risk-mitigating activities in overcoming the six challenges.
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Bibliographic InfoPaper provided by Resources For the Future in its series Discussion Papers with number dp-09-07.
Date of creation: 03 Mar 2009
Date of revision:
disaster insurance; National Flood Insurance Program; risk; floods;
Find related papers by JEL classification:
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
This paper has been announced in the following NEP Reports:
- NEP-AGR-2009-03-14 (Agricultural Economics)
- NEP-ALL-2009-03-14 (All new papers)
- NEP-IAS-2009-03-14 (Insurance Economics)
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