7. Global Trends in Flood Losses and the Insurance Industry

The last decades, and specifically the last few years, have seen a rise in the damage caused by natural hazards. At the same time, the importance of floods and flood insurance within this context has grown, due to demographic shifts, growth in insurance penetration, and possibly climate change. With the insurance industry awakening not only to the great risks of floods, but also their associated business possibilities, a greater focus on the insurability of floods has developed. In order for flood insurance to be successful, both the insurance industry and public institutions have important role to play.