INSURERS
With frequency and intensity of floods increasing, are insurers prepared?
More than 50 severe flood events around the world caused combined economic losses of US$82 billion in 2021 alone.
Floods are increasing
Frequency is increasing
– The number of global flood events has been increasing
– From less than 100 per year in the 70s and 80s
– To over 800 per year in 2015
Severity is increasing
– The average annual damage from global flood events has been increasing
– From less than $10 billion USD per year in the 70’s and 80’s
– To over $40 billion per year in 20151
Four global flood events in 2022 alone cost $70 billion USD
With content damage representing $13 billion USD
Images: Charts taken from:
https://read.oecd-ilibrary.org/finance-and-investment/financial-management-of-flood-risk_9789264257689-en
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