3.2 Historical Context
From the 1960s to the end of the 1990s, flood insurance in the UK operated a ‘gentleman’s agreement’
that divided responsibilities between the state and the insurance industry. Under this agreement, the
insurance industry offered flood insurance for all households and some small businesses regardless of
their flood risks while the government was responsible for investing in flood protection. In the wake of
large losses after floods in the late 1990s this agreement was rescinded by the insurance industry. In
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