Partly this is because appropriate and affordable flood insurance is not widely available. Insurance against the existing
extent and severity of flooding is more problematic to price than other hazards due to the uncertain behaviour of flood
waters in urban environments. At a global level there is a great deal of uncertainty about the scale and timing of potential
climatic changes, dependent on the assumptions inherent in predicting future climate drivers, particularly the economic scenario
chosen (Solomon and Qin, 2007). This uncertainty in itself presents a challenge for those in the business of insuring
flood risks in the future. Flood risk is categorized as low probability/high-consequences and with spatial correlation across
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