Southern Germany Floods Caused up to $2 bn Insurance Loss from 2024
PERILS has released its third insurance industry loss estimate for the floods that hit southern Germany from May 31 to June 6, 2024
“Flood Protection Gap” reviews addresses the disparities between current flood protection measures and the actual needs of communities. It examines how existing insurance policies, infrastructure, and risk management strategies may fall short in safeguarding against flood damage.
This category highlights the inadequacies in coverage and preparedness, identifying areas where improvements are necessary. It provides insights into the limitations of current flood protection systems and offers recommendations for enhancing resilience. The goal is to help stakeholders understand where gaps exist and how to address them effectively to better protect individuals and properties from flood-related risks.
PERILS has released its third insurance industry loss estimate for the floods that hit southern Germany from May 31 to June 6, 2024
Hurricane Helene’s recent destruction underscores the rising flood risk impacting local economies and tax bases in the Eastern and Southern United States
Inland areas are increasingly vulnerable to flooding from both tropical storms and severe convective storms, yet the number of homeowners who purchase flood insurance
The U.S. flood insurance market had grown 24% – from $3.3 bn in direct premiums written to $4.1 bn between 2016 and 2022
Insurance resilience indices measure how insurance contributes to maintaining financial stability. Global protection gap measured at $1.8 trln
The natural disasters demonstrate that economic factors, in the last two years augmented by inflation, are the main driver of elevated insured losses from natural catastrophes
Floods affect more people across the globe than any other natural disaster. The deadly floods within year were a tragic reminder of the increasing threat
Natural and man-made disasters resulted in global economic losses of $280 bn. Insurance covered $119 bn economic losses
Today risk assessors use a wide set of tools ranging from sophisticated flood hazard maps to fully probabilistic risk models, but more can be done