Perspective

What You Don’t Know About Flood Can Hurt You [Presentation]

July 29, 2014| By Tim Pappas | Property | English

Region: Canada

Flood events are rising up the insured natural catastrophe league table. In 2011 the flooding in Thailand cost insurers $15 billion; in 2012 Super Storm Sandy left insurers a bill for $25 billion.

It is a global trend and it is the same story in Canada. Canada now experiences almost as many flood events as all the other important weather-related disaster events put together. The 2013 Calgary floods left economic losses totalling C$45 billion and insured losses of C$2.25 billion.

That's why property insurance underwriters urgently need to ask themselves if they understand the shortcomings of standard floodplain mapping well enough to continue covering flood risk. Warren Buffett once famously said, "You only find out who is swimming naked when the tide goes out."

Transforming information into knowledge is a competitive advantage - view our SlideShare below to learn more.

 

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