The rising cost of global flood risk: managing climate change impacts in practice

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Flooding poses a significant global risk. Affecting almost every country in the world, millions of people and properties are exposed to flood every year.

JBA’s global flood modelling capability enables probabilistic flood risk analysis at any location worldwide. The JBA team have modelled flood on the behalf of clients in 46 different countries in the past 12 months – and found that total annual damage to properties from flood is estimated at USD $25bn, approximately 2% of the total global economy every year.

This number will no doubt rise in future, with climate change bringing even greater challenges to flood risk and resilience. Flood events of increased intensity and frequency, alongside prolonged rainfall, are projected around the world, bringing increased exposure.

While the insurance industry and financial sectors are already coming to terms with a raft of ongoing regulatory requirements, at the same time, they are developing strategies and actions to support and protect both the business and its clients.

Understanding the data and applying the insights in a practical way is key to ensuring the most effective response to this global challenge.

The Lloyd's of London Market Briefing explored:

  • The latest in climate change flood science and research with Professor Hayley Fowler, Newcastle University
  • Methods to represent and quantify climate change on a global scale, including the challenges and successes of JBA’s own approach
  • Practical, real-life examples in managing future flood risk, drawing on experience from Willis Towers Watson
  • The tools available and how you might use them
  • Q&A with industry and academic experts

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Read more about JBA's climate change work

JBA Climate Change Lead, Dr Emma Raven, reflected on JBA's work in climate change so far, as well as what the future holds, in an interview marking 10 years of The Flood People. Emma explores the technology required to meet the challenge of assessing climate risk, the role of the insurance and financial sectors going forward, and more.