Record-breaking flood events are becoming a fact of life. Environment Agency data shows that a quarter of their gauges of water volume and flow on main rivers have broken previous records over the last ten years.
Despite this, at present, there are almost 500,000 homes that have been given planning permission and are waiting to be built on a flood plain. Every year in the UK, around 10,000 homes are built in areas of the highest flood risk, zone 3.
Reparation and protection, not just post-event payouts, are key to how the insurance industry must look at flood risk.
In this blog, Richard Toomey, senior manager for commercial insurance, Lexis Nexis Risk Solutions, highlights how defining property flood risk protection can help build flood resilience.