Flood Focus, InsTech London's newsletter dedicated to flood insurance.
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Thought Leadership: Regulation – the next innovation super-charger for climate change risk assessment?
Matthew Grant, InsTech London Partner, discusses the importance of the new Bank of England stress tests and how catastrophe modelling will play a role. In the UK, the increased impact from flooding is one of the most significant drivers of potential loss and disruption.
JBA’s flood models were used in a recent report conducted by Flood Re and the ABI, in which the importance of flood defences was highlighted. The report found that for every £1 increase in maintenance spending, £7 is saved in defence spending.
Private hydropower projects suffered an estimated $84 million damage due to the recent landslides and floods in Nepal. Damage was mostly caused to projects under construction and transmission lines.
June floods affecting Victoria have resulted in over 15,000 claims, with Insurance Australia Group alone receiving more than 4,300. It has warned that its stop loss reinsurance could be close to attaching.
Weather-related disasters are now the primary driver for displaced people, according to a report by the Internal Displacement Monitoring Center. In 2020, 40.5 million people were displaced, with floods responsible for 14 million of these displaced people.
Insurance broker Marsh has analysed global flood risk and its costs. Since 1980, only 12% of the estimated $1.3 trillion in flood damage was insured. There has been almost a three fold increase in average annual economic losses associated with flood events.
According to a report by Landmark Information, 10% of properties in the UK are located in Flood Zone 2 and over 27,000 (7%) are located in Flood Zone 3. Flood zones are used by the Environment Agency to indicate the level of risk. Zone 3 is the highest risk area.
Fathom’s data and flood models are now part of the Q:HELM platform. The partnership will help to expand QOMPLX’s ecosystem for climate risk, with users now able to access Fathom’s data sets alongside other climate models.
New requirements have been announced for banks and insurers to explain their future exposure to climate change risk. Join Matthew at this event to learn how Fathom's flood models are being climate conditioned and how these will be supported by Nasdaq.
FEMA has recommended that US home and business owners purchase flood insurance even outside of flood zones. FEMA has stated how areas where it rains are at risk of overland flooding.
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