The Statement of Principles terminated on 30 June 2013. The UK Essay

The Statement of Principles terminated on 30 June 2013. The UK Government has proposed a new programme, including a new mechanis - Essay Example The fishing industry offers employment to around 250,000 people in Indonesia and thus, with this tsunami there were a number of people that lost their jobs3. Tsunami not only has resulted in the death of local people in Indonesia, but there were a number of tourists from different parts of the world especially from Europe that came under the fire as well. Around 9,000 foreign tourists were dead in this flood, and most of these tourists were from European countries4. However, there is little that the government can do in such a catastrophic situation. Although there are certain techniques and strategies that the government can take in order to reduce the impact of these floods such as Stormguard Flood-plan can be implemented in order to be better prepared for such situations as well as to reduce the impact of such disasters5. Similarly, there have been floods in United Kingdom as well. Although the disasters were not as high as Indian Ocean tsunami but still a large number of people l ost their lives. North Sea flood is the worst flood that has occurred in United Kingdom6. North Sea flood occurred on 31st January, 1953 and a number of areas were affected including Belgium, Scotland, Netherlands and England7. The causalities because of the North Sea flood were equaled to 2,142 including 354 people that lost their lives in United Kingdom alone8. ... Thus, it badly affected the economic situation of the country. The damage estimated was around  ?5,000 which if compared in today’s monetary terms would be equal to ?740,00010. The London School Of Economics has announced and warned about flood risk in Britain. According to the research conducted by the school Britain is a highly risky area because of the changes in climate along with the continuous development in floodplains for both residential as well as commercial properties. Centre for Climate Change Economics and Policy and the Grantham Research Institute on Climate Change and the Environment have conducted research and published the paper. They have also been consulted by the British Department for Environment, Food and Rural Affairs (DEFRA)11. Therefore, this paper has raised concerns and risks for people that are buying and investing properties. In order to overcome this issue and concerns of the public, the Association of British Insurers (ABI) along with the natio nal government has come up with the Memorandum Of Understanding (MoU) which is known as Flood Re. This Memorandum Of Understanding (MoU) has been signed between the government, and the carriers and on the basis of this MoU, a non-profit or a not-for-profit flood fund has been developed12. Association Of British Insurers (ABI) is an important company in the insurance industry as it has more than 90% of the market share in the United Kingdom insurance market13. The basic idea of this Flood Re is to offer a cap flood insurance premium for the property owners. This insurance premium will be according to the value of the properties. Moreover, this fund will offer insurance to people that are at a higher risk for flood