This research explores the development of flood risk pools, analyzing success criteria and challenges based on case studies from Belgium, France, Switzerland, the UK, and the US. It examines the role of flood risk insurance and climate risk pools, synthesizing global best practices and challenges to establish three key success criteria for effective flood risk management. Through desk research and case study analysis, the paper provides actionable insights and recommendations for governments and practitioners, particularly in the context of the Municipal Risk Pooling project in South Africa, led by the University of KwaZulu-Natal and supported by international partners.