Most respondents said they did not have a plan in place despite the known risks and challenges when dealing with the impacts of flooding. Flooding can not only cause significant losses but can also prove lethal for smaller businesses. Studies have shown that 40% of SMEs are unable to reopen following a disaster such as significant flooding, according to FEMA in the US.
Data from the Government’s Foresight Future Flooding report has shown that flood losses in the UK now cost in excess of £1 billion per year. As climate change and pressures on urban development increase, the flood risk is set to increase fivefold by 2050.
However, a Lloyd’s Lab report has shown that 70% of commercial flood losses can be mitigated through Previsico’s advanced warnings, which ensure businesses prepare, act, and prevent flooding losses.
Jonathon Jackson, CEO of Previsico, commented: “It is vitally important for businesses to consider how they can drive towards actionable change amid climate challenges. Our new survey data highlights how some companies are not taking their flood risk seriously. We believe in giving people the right tools to minimise the impact of flooding in a way that enables them to prepare, act, and prevent.”
Having a “Flood Action Plan” is an essential part of preparing for and responding to potential flood incidents, from identifying risk areas to educating staff members on how to handle flood events.
A clear, pre-prepared flood action plan can benefit both businesses and individual homeowners by mitigating risks. Previsico offers tailored expertise for clients to mitigate against future flood risks. These plans are supported by the company’s actionable alerts up to 48 hours ahead of a flood event using their sophisticated models.
