Abstract
A flood is a natural disaster that threatens the economy through the damage caused. Establishing an effective financial mechanism for assessing damage and providing flood insurance is becoming increasingly important. An analysis of the financial relationships between government and insurance organizations in the field of US insurance, related directly to the management system in flood-prone areas, allows us to develop recommendations for building an effective flood insurance system in Russia. Research into the costing of the US national flood insurance program and the appropriate level of subsidies for existing properties in high-risk flood areas is part of the scientific study of the interaction between insurance and government funding. The article provides an overview of the mechanism for the distribution of financial resources in areas prone to flooding. Proposals are presented regarding the creation of an effective flood insurance system in Russia, which will ensure the coordination of actions of various levels of government, scientifically grounded zoning in flooded areas, as well as the establishment of compulsory insurance of social, housing, and communal facilities in flood-prone areas.
Highlights
The presented research contains an analysis of the system of relations in the field of flood insurance in the United States, to assess the possibilities of forming effective insurance protection against these risks in Russia
The aim of the study is to develop recommendations for creating an effective mechanism for assessing damage and providing insurance in case of floods in Russia based on the experience of the United States
In 1968, the United States Congress passed the National Flood Insurance Act (NFIA), formulated the National Flood Insurance Plan (NFIP) and established the National Flood Insurance Fund to compensate for the lack of a flood insurance market [5]
Summary
The presented research contains an analysis of the system of relations in the field of flood insurance in the United States, to assess the possibilities of forming effective insurance protection against these risks in Russia. The aim of the study is to develop recommendations for creating an effective mechanism for assessing damage and providing insurance in case of floods in Russia based on the experience of the United States. The main task is to implement methods and tools that ensure the redistribution of risks and compensation for flood damage between the state and the insurance sector. The coordination of their actions must be ensured. To substantiate the main directions of socioeconomic policy in eliminating the consequences of floods based on studying the experience of foreign property insurance against floods
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