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The CIREG Guide to Managing Flood Risk During Construction document (CIREG MFRC) provides advice on the prevention and mitigation of damage to construction works due to rainfall, inundation and flooding during the development, design and construction phases.
When a building under construction, alteration, or repair does not have at least two rigid exterior walls and a fully secured roof at the time of loss, your deductible amount will be two times the deductible that would otherwise apply to a completed building.
floods, when considered together with potential insurance defaults, have the potential to generate EUR 27 billion in public finance contingent losses every year , and that reducing the climate protection gap by increasing insurance penetration could lower this impact by up to 50%.
The size of the losses, the protection gap, and human devastation all underscore the importance of addressing flood risk. And, while insurance is a critical part of risk mitigation, it’s clear that risk transfer alone is insufficient to address the challenges ahead.
Over the past decade, 83% of global economic losses from flooding were uninsured, according to the Swiss Re Institute’s latest sigma report, Natural Catastrophes in 2021. Closing this protection gap must be a priority for the industry. At Swiss Re, we believe that flood risk is insurable.
29 lut 2024 · In view of the anticipated increase in flash flooding events, preparation and mitigation are critical primary means of control, however insurance coverage is a strategic risk transfer mechanism that can manage risk for the project duration.
6 maj 2021 · Closing the flood risk protection gap will require increasing the availability and uptake of insurance solutions, while minimizing loss through proactive risk mitigation. On the insurance front, Mehrotra and Yachwak say that flood coverage requirements based on FEMA's risk stratifications should be a thing of the past.
