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The allusive market: insurance of flood risk in neoliberal Britain
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Social and Economic Geography.
2019 (English)In: Economy and Society, ISSN 0308-5147, E-ISSN 1469-5766, Vol. 48, no 1, p. 1-29Article in journal (Refereed) Published
Abstract [en]

Launched in 2016, Flood Re is a government-supported scheme for flood-risk insurance in Britain that is intended to pave the way towards an eventual 'free' market featuring risk-reflective pricing. This paper introduces the concept of 'the allusive market' to denote the figurative work that the market vision performs in this context. Alluding to the merits of what is in reality a highly implausible market-based future for flood insurance releases the government from having to substantively address intractable problems associated with the financial risk of flooding in the present: the market will come to the rescue. A risk-management crutch, the allusive market engenders contemporary policy paralysis, occasioning in turn the worsening of the very problems that the market is being relied upon, eventually, to resolve.

Place, publisher, year, edition, pages
2019. Vol. 48, no 1, p. 1-29
Keywords [en]
markets, flood risk, insurance, pricing, neoliberalism, Britain
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-382673DOI: 10.1080/03085147.2018.1547494ISI: 000463819500001OAI: oai:DiVA.org:uu-382673DiVA, id: diva2:1314108
Funder
Swedish Research Council, 2015-01694Available from: 2019-05-07 Created: 2019-05-07 Last updated: 2019-05-07Bibliographically approved

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