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Flood Defenses Provide only Partial Protection from True Flood Risk in
the U.K., says RMS London, U.K. – October 10, 2007 –
The
£800 million promised by the U.K. government for additional flood defenses will
only provide partial protection, as the true extent of flood risk is
underestimated, according to Risk Management Solution (RMS), the world’s
leading provider of products, services, and advice for catastrophe risk
management. As well as river and coastal flooding, large parts of the U.K.
are exposed to flash flooding caused by heavy rainfall overwhelming
inadequate drainage, which accounted for a large proportion of the
damage from the summer's events. Taking account of all types of flood
risk, RMS estimates insured losses of £1.5 billion every 25 to 35 years.
“The Environment Agency only
has a mandate to assess the risk of river and coastal flooding, so other
major sources of risk are not covered in its maps,” commented Dr Claire
Souch, senior director of model management at RMS. “For there to be a
viable market for insurers, the government needs to understand the true
picture of flood risk, and implement appropriate protection measures.”
She added: “Experience from the
U.S. shows that when a major flood disaster occurs and people have
insufficient insurance coverage, taxpayers usually end up footing the
bill as governments are forced to provide disaster relief from central
funds.”
The U.K. is almost unique in
offering flood insurance as standard; it is uncommon in other high
flood-risk areas such as the major river systems of Continental Europe
and the U.S. “In countries where flood insurance is unavailable, people
often make their homes more resilient by raising floors, using tiles or
stones instead of carpets, and waterproofing or increasing the level of
electrics,” said Dr Souch. “The devastation caused by this summer’s
flooding should encourage U.K. homeowners to start investing in these
types of initiatives, which would raise their chances of securing flood
insurance.”
Climate change is likely to
increase flood risk in around 50 years’ time, so new developments should
take this into account, particularly in coastal areas where sea levels
are projected to rise.
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