As part of broader reforms to improve adaptation to climate change, the slow and complex state compensation system for flood damages will be abolished. State funding will come to an end in regard to damages caused to buildings and movables, and will be replaced by flood insurance offered by insurance companies.
Partners Matti Komonen and Herman Ljungberg at Hammarström Puhakka Partners, Attorneys Ltd, have written an update on this matter. The update titled “Flood damages compensation set to switch to insurers” has been published in the International Law Office’s newsletter on 27 November 2012.
