Lessons Learned in Floods: Enhancing flood resilience

Extreme weather events have led to high insured losses for corporations this year, underpinning an increasing risk that is unfolding on every continent. Climate change, urban development, and wealth accumulation in disaster-prone areas are key factors at play.

Of the USD 280 billion economic losses from natural catastrophes last year, floods made up USD 82 billion and is considered a growing and underestimated risk. Earlier in Q1 this year, torrential rains that led to widespread flooding in Australia are estimated to be USD 4 billion. Extreme weather events, such as the recent flooding in South Africa, Italy and Pakistan, are becoming more severe due to climate change. We are already seeing this with greater rainfall in Spain, Brazil and Malaysia.

With flood losses affecting almost one third of the world’s population, and increasing in frequency and severity across the globe, we have put together this publication to help companies like yours enhance your flood resilience.

Sources: 

Natural catastrophes 2021: flood gates are open - Swiss Re sigma 

Hurricane Ian drives natural catastrophe year-to-date insured losses to USD 115 billion, Swiss Re Institute estimates