Flood - an underestimated risk (Swiss Re)

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1、Flood–anunderestimatedriskInspect,inform,insureFloodsaffectmorepeopleworldwidethananyothertypeofnaturaldisaster.Buttheriskfromfloodingisoftenunderestimated.Indevelopingcountries,floodinsuranceisnotwidelyavailableoraffordable.Andeveninhigh-incomecountries,wherefloodinsuranceisincreasing

2、lyofferedandbought,theconditionsthatmakefloodinsurablearenotalwaysgiven.Thisisbecausefloodriskpresentsasetofspecialchallenges.Butthesechallengescanbeovercomeandthereisnoreasonwhyhomeownersandcompaniesshouldnotbeabletocovertheirrisks.TableofcontentsForeword5Anintroductiontofloodrisk6Ins

3、uranceprinciplesandchallenges11Floodinsurancesolutions15a)Typesoffloodinsurancesolutionsb)Implicationsforimprovedfloodinsuranceb)Non-traditionalinsurancesolutionsConclusion25ForewordEveryonewholivesclosetoarivergenerallyknowsoftheriskfromflooding.However,floodriskisnotobviouseverywhere

4、.Everyyearwewitnessfloodsinareaswherehard-lyanyonewasexpectingthem.Infact,noothernaturaldisasteraffectsmorepeoplethanflood.Mosthouseholdsandbuildingscouldbeaffectedbyintrudingwaterasaresultoflocalflooding.In1998SwissRepublished“Floods–Aninsurablerisk?”.Thereportconcludedthatfloodwasani

5、nsurableriskiftheprinciplesofinsurabilityweremet.Sincethen,floodinsurancehasbecomewidelyavailableinmanydevelopedcountries.However,keyinsuranceprincipleswerenotfollowedinallcases,andlargelosseshavecalledintoquestiontheeconomicviabilityoffloodinsurance.Incontrast,inmostdevelopingcountrie

6、sfloodinsuranceisneitheravailablenoraffordable.Indeed,itismoredifficulttoinsurefloodsthanmanyotherhazards,notleastbecausemanypeoplearenotawareoftheirriskexposure.However,thankstorecentimprove-mentsinthemodellingoffloodrisks–ourownGlobalFloodZonemodelbeinganexampleofthat–andthefactthatt

7、heactualriskcommunityissufficientlybig,wecanovercomeallobstaclesinfloodinsurance.Withthispublicationwewanttoraisegreaterawarenessoffloods,theirrisksandtheroleofinsuranceinaddressingthem.Weshowwhatittakestotacklethechallengesinfloodinsuranceandhowsuccessfulsolutionsmightlookforhomeown