With three-quarters of the Earth covered in water, it’s no surprise that flood is one of the world’s most destructive — and most common — natural disasters. Yet many individuals underestimate their vulnerability to flooding. That mindset helps make flood one of the world’s most underinsured events.
The lack of flood insurance has ramifications beyond those for individual businesses or homeowners. Uninsured floods hurt economic growth, prolong the recovery process for affected communities, and place additional burdens on taxpayers, with uninsured victims turning to government sources for assistance.
In their report, “Flood: Understanding the Risk, Navigating Insurance Options,” Marsh look to raise awareness of the flood insurance options available to US-based buyers and explore how organizations can better understand and prepare for a flood event.