Protecting Properties Against Flooding

According to research conducted by the Association of British Insurers, a total of £585 million was paid out for weather-related damage to people’s homes and possessions in 2024. This is a record high compared to the £485 million paid out in 2023. By the end of 2024, there had been a total of 7 consecutive quarters in which weather-related claims had been above £100 million.

The rise in claims has impacted premiums, with the average annual price of combined building and contents home insurance increasing to £395 in 2024 compared to £340 in 2023.

 

The rise in claims is largely attributed to consistent bad weather and an increase in extreme weather. A total of 12 named storms have resulted in widespread flooding across the UK this year. In response, the Association of British Insurers has urged the Government to invest further in flood defences in the face of climate change. It is hoped flood defences will help mitigate damages and reduce costs to households.

 

The full details can be found on the ABI website.

 

While these figures are for domestic properties, flooding can also be a significant risk for commercial properties, and it is important that organisations in areas at risk of flooding consider the risk and have measures in place to react should a flood occur.

 

Even with flood defences in place, there is always a risk that an organisation can seriously be impacted by weather. It is therefore important that organisations properly plan for such an event and other risks. This is done through a business continuity plan (BCP).

 

Business continuity planning involves:

• Planning for pauses and disruptions in business operations as a result of risks such as cyber-attacks, pandemics, or weather-related events such as flooding, etc.
• Planning how to get an organisation’s operations back on track with as little pause as possible.
• Thinking about how different risks will impact the operations of the organisation, implementing controls to mitigate or minimise such risks, and then testing those controls and amending them based on results.

 

PIB Risk Management provides a business continuity planning service and can work with organisations to write succinct plans that are easy to access and relevant to your risks.

 

PIB Risk Management’s business continuity planning service includes consultancy, information technology audits, and the ability to create and implement a BCP through the xCenta system.

 

PIB Risk Management also provides disaster recovery services to provide you with a solid foundation upon which to rebuild your business.

 

If you have any questions or would like support with managing issues at your workplace, please speak to your usual contact or get in touch using the form below.