Over half of organizations have no flood action plans

Over half of organizations have no flood action plans | Insurance Business America

Catastrophe & Flood

Over half of organizations have no flood action plans

Survey spans both public and private sectors

Catastrophe & Flood

By
Terry Gangcuangco

A recent survey conducted by live flood forecasting and water management data firm Previsico has revealed that 54% of public and private organizations lack a flood action plan despite the escalating risks associated with climate change.

The Previsico poll found that more than half of the respondents had “no plan in place” to address the severe disruptions and financial burdens caused by flooding.

Meanwhile, it was pointed out that the damage from floods can be catastrophic for small businesses. According to Federal Emergency Management Agency data, 40% of SMEs (small- and medium-sized enterprises) in the US fail to reopen after experiencing a disaster like major flooding.

In the UK, flood losses are already surpassing £1 billion annually, according to the British government’s Foresight Future Flooding report. As climate change intensifies and urban development pressures mount, flood risks are expected to increase fivefold by 2050.

However, Previsico cited a silver lining: research from the Lloyd’s Lab indicated that 70% of commercial flood losses can be mitigated through the use of Previsico’s advanced warning systems, which help businesses take preventive actions before flooding occurs.

“It is vitally important for businesses to consider how they can drive towards actionable change amid climate challenges,” Previsico chief executive Jonathan Jackson (pictured) declared.

“Our new survey data highlights how some companies are not taking their flood risk seriously. We believe in giving people the right tools to minimize the impact of flooding in a way that enables them to prepare, act, and prevent.”