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Property Flood Resilience and the Insurance Sector - BRIM - Building Resilience Into risk Management

Home » Events » Property Flood Resilience and the Insurance Sector

Property Flood Resilience and the Insurance Sector

6th March 2018

40 Bermondsey Street, London, SE1 3UD

With global economic losses due to natural disaster being in the order of $150 billion/year, the uptake of flood resilient measures by residential property owners is of paramount importance for flood protection and management. Flood resilient measures reduce the costs of repair of homes and buildings and the disruption caused by flooding to families and businesses. They aim to make people and their property less vulnerable to physical and mental impacts of flooding. These measures can be installed directly into buildings at risk of flooding as preventative actions or during repair works of buildings after flooding. However, the take up of flood resilient measures remains low despite their advantages. It is not yet normal practice for properties in areas at high flood risk to be made more resilient following a flood. Slow uptake of measures is due to a varied range of factors including (i) a general believe that only the authorities can manage flood risk, (ii) a believe that experienced flood events are a “one off” and (iii) be unaware or not accept that the property is at risk. This workshop focuses on developing plausible solutions for the uptake of flood resilient and resistance measures with a specially focus on the insurance sector. In particular, the workshop will aim at addressing the following questions:

1.What role does resilience have on dealing with flood risk?

2.How do we encourage the uptake and management of resilience measures?

3.What is the key role of insurances to achieve?

4.Which data is required or needs to be provided to facilitate (2) and (3)?

A range of insurance companies or companies working with/for the insurance sector have been approached to join the BRIM network and attend the one day workshop. A set of presentations by subject matter experts have been delivered during the morning session. The presentations have inspired discussions in the afternoon.

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