Abstract: The application of risk sharing mechanisms, is seen by many in developing countries as a remedy for lessening effects of disasters. However, this notion has not been thoroughly tested in the context of floods in Kilosa District. The focus of this research, was to assess the effectiveness of both formal and informal risk sharing mechanisms, applied in flood management and control, as well to examine challenges confronted the effective operation of them. Four sub-villages were selected for the study in Magomeni and Mbumi Wards. Several methods were used to provide an indication of the performance of the mechanisms. Ninety householders and 10 key informants were interviewed.