This report describes an integrated flood catastrophe model as well as some results of a case study made in the upper Tisza region in  northeastern Hungary: the Palad-Csecsei basin (the pilot basin). The background data was provided through the Hungarian Academy of Sciences and complemented by interviews with different stakeholders in the region. Based upon these data, where a large degree of uncertainty is prevailing, we demonstrate how an implementation of a simulation and decision analytical model can provide insights into the effects of imposing different policy options for a flood risk management program in the region. We focus herein primarily on general options for designing a public-private insurance and reinsurance system for Hungary. Obviously, this is a multi-criteria and multi-stakeholder problem and cannot be solved using standard approaches. It should however be emphasized that the main purpose of this report is not to provide any definite recommendations, but rather to explore a set of policy packages that could gain a consensus among the stakeholders.