SUGGEST SCENARIOS FOR A FLOOD INSURANCE PROGRAM

IN CENTER OF VIETNAM

Hoang Thi Thu Thoa

Thuyloi University, [email protected]

1. INTRODUCTION

Severe floods occur in several coastal area of Vietnam and causes both properties and causalities. Insurance was recently recognized as one of the possible non structural measures to mitigate losses and damages from natural disasters (UNISDR, 2015). Despite the huge effect on citizens’ life from flood risk and believable higher damages caused by flood in the future due to climate change, it is surprising that there is no flood insurance program in Vietnam. QuangNgai is a coastal province in the centre of Vietnam, where is frequently hit by storms annually. Over the period of fifteen years from 1996 to 2011, the total damages and losses caused by natural disasters, especially by flood, amounted to 296,226 euro, with dead and injured people that reached 453 people and 1183 people, respectively. This paper investigates the vulnerability of households to flood and suggests a conceptual framework to implement possible scenarios of flood insurance programs for Central Vietnam.

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