No, the government flood insurance programs were instituted because governments could not physically afford to keep rebuilding disaster-stricken areas, by using a mandatory insurance scheme you could make the people who build in those areas fund the reconstruction through premiums.
The only REAL problem (at least in the USA) is that the risk tables haven't been updated in 2 decades - mostly because republican politicians, in refusing to acknowledge climate change as a risk, keep blocking efforts to do so. 
If the risk tables are updated to reflect the new risks of climate change, then premiums could be adjusted to reflect those risks as well - and the federal flood insurance program could, once again, be solvent.

It was designed to be self-funding. When rightwing libertarians take a self-funding enterprize and deliberately bankrupt it, they don't get to blame liberals for it.

But I still say, why bother, lets just make the fossil companies pay. Cause harm, pay reparations. Fair.