Flood Risk Defenses

Flood events during the past fortnight in the U.S. and U.K. illustrate the scale and impact of this type of disaster and also underscore the point that flooding is not just a coastal issue. In central Texas more than 18 inches of rain have fallen in the space of two days in the Marble Falls area northwest of Austin. In fact record rains in Texas and Oklahoma in the course of the past two weeks have resulted in 11 fatalities. Meanwhile, severe floods in England and Wales have caused at least four fatalities and left more than 600 injured. We note that among the most seriously affected areas are the inland counties of Cambridgeshire, Derbyshire, Gloucestershire, Nottinghamshire, Shropshire and Staffordshire. Of course a key difference is that homeowners and business insurance policies in the U.K. do cover flood damage, while in the U.S. flood insurance is available mainly through the National Flood Insurance Program (NFIP). That said, the Association of British Insurers (ABI) has made clear that U.K. insurers will only continue to be able to offer flood insurance if defenses are adequately maintained. With that in mind, we leave the final word to the head of the U.K.’s Environment Agency, Baroness Young. Describing the U.K. floods as “a one in 150-year event†, Baroness Young called for more investment in flood defenses and for people to think hard about building on flood plains. Hear, hear. Check out I.I.I.’s flood statistics for more information.

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