Flood and coastal erosion risk too extensive to solve without collaboration, verified property-level data

The UK government has welcomed the completion of the independent review recently, aimed at reducing the risk of surface water flooding across England. It has begun taking action to implement some of its recommendations, including ‘Build Back Better’ and supporting the principle of offering insurance discounts for householders who have installed property-level flood resilience measures. The action will build on the recent publication of the government’s long-term plan for managing flood and coastal erosion risk to create more physical resilience measures, the Flood and Coastal Erosion Risk Management Policy.

LexisNexis Risk Solutions, together with other industry bodies such as FloodRe and the ABI, has for some time been lobbying for measures that will help the insurance industry play its part to the maximum extent, including the piloting of Flood Performance Certificates, effectively a traffic light or rating system to standardise the risk measurement of an individual property’s protection level.

This blog highlights why there is a need to close the circle on community flood resilience and how verified property-level data can help to standardise risk management at a granular level.