Flood Flashcards
what are the priority areas for the Emergency Management Strategy(EMS) in Canada
think about what need to improve before/during/after disaster
- understanding disaster risks in all sectors
- focusing on disaster prevention and mitigation
- collaboration to strenthen resilience
- enhancing disaster response capacity and development of new capabilities
- strengthening recovery efforts
how can overall floow risk be reduced
- relocation
- building resilient infrastructure
key drivers of flood risk in Canada
- population growth
- urban development
- climate change
- densification and development of urban areas exposed to flood
challenges in making flood insurance available and affordable in high-risk areas
- high costs of insurance
- low risk awareness among homeowners
- misaligned incentives that do not encourage risk reduction or insurance purchase
why is flood cost-prohibitive for low-income households
- high housing costs
- recent flood events
- reinsurance rates
- material changes in risk leading to increased premiums
why do most Canadians in high-risk areas lack awareness of their flood risk
- flood maps are not easily accessible leading to homeowners not purchasing coverage
- not buying enough optional flood coverage
- not investing in property-level protections
what is the impact of misaligned incentives on flood risk management
homeowners and local governments have little incentive to reduce risk or purchase insurance and the expectation of government assistance reduces motivation for lower-level stakeholders to take preventive measures
what does the EMS emphasize regarding financial risk sharing for disasters
the need to develop options for sharing the financial risks of disasters
what is the traditional approach to flood risk management
building structural controls to keep people and property separate from flooding sources
what is flood risk management (FRM)
an approach where the responsibility for flood risks is spread across various stakeholders and uses non-structural mitigation methods to complement structural ones
what are the responsibilities of the Federal Government in flood risk management
- coordinating and supporting local efforts
- providing assistance through the DFAA program
- offering emergency management services to Indigenous groups
- regulating and monitoring water resources
basically high-level oversee
what are the responsibilities of the Provincial Government in flood risk management
- setting regulations and policies on land use
- regulating the insurance sector
- establishing land use planning standards
- regulation natural resource development
more related to regulation stuff
what are the responsibilities of the Indigenous Communities in flood risk management
- developing community emergency management plans
- working on structural mitigation projects with ISC
- receiving funding from CIRNAC to respond to climate change impacts
what can a community do
what are the responsibilities of the Insurance Industry in flood risk management
- transferring flood risk from homeowners to insurers
- participating in data collection
- incentivizing risk reduction measures
- helping shift burden away from government DFA programs
4 preconditions needed to enable the private market to function in flood insurance
(LIAA):
- limited or restructured post-disaster financial assistance
- improved public awareness of flood risk
- accurate and up-to-date flood maps
- adequate investments in flood defenses
what are the responsibilities of Non-governmental and Civil Society Organizations in flood risk management
- supporting flood recovery efforts
- emergency planning
- public education
- coordination volunteers
- providing on-ground assistance during incidents
what are the responsibilities of communities and individuals in flood risk management
seeking information on flood risks and undertaking non-structural risk mitigation efforts, such as:
- purchasing flood insurance
- flood-proofing homes
what is the most effective strategy for reducing flood risk
strategic relocation, which involves removing all assets and properties at high risk of repetitive flood damage through government buyouts
what are the challenges associated with strategic relocation
challenging, time-consuming, expnesive, and there is an affordable shortage in Canada
what type of flood insurance market does Australia have
- fully private market with regulation from the government
- voluntary take-up
- risk-adjusted premiums
- low cost to the government
what are the main characteristics of France’s CatNat scheme for flood insurance
- 12% surcharge on home insurance policies
- mandatory for mortgages and optional otherwise
- premiums ceded to a state-owned reinsurer
- affordable
- lacks risk differentiation incentives
how does the UK manage flood insurance for high-risk areas
- private insurers provide coverage
- premiums ceded to a high-risk reinsurance pool (Flood Re)
- affordability prioritized
- non-profit entity accountable to the government
- minimal cost to the government
what’s the US’s national flood insurance program (NFIP)
- administered by FEMA
- mandatory for federally backed mortgages in flood-prone areas
- risk-based premiums
- community rating system for risk reduction
- available and affordable
- high cost to the federal government
4 guiding thems for Canada when setting up a flood program
- uncertainty
- market penetration, adverse selection and mutuality
- affordability
- moral hazard