What it's about:
Zurich Insurance Group has announced it is extending its flood resilience alliance until 2023, with a pledge to generate $1 billion in additional funding.
The alliance, which includes NGOs, academics and risk management experts, was set up in 2013 to provide post-flood recovery support to countries worldwide.
Over the past five years, it has helped 110 communities in nine countries respond to flood risk and improve their rehabilitation following natural disasters, Insurance Business magazine reports.
“By using Zurich’s risk expertise as a global insurer, we can help customers and communities reduce the devastating impacts of floods - even before a flood hits - and build resilience to this disaster,” said Zurich Group’s Head of Sustainability Linda Freiner.
Why it's noteworthy:
Despite a steep increase in the number of floods worldwide, flood resilience remains critically underfunded, experts warn.
In 2016, there were more than 30 flood disasters that required insurance payouts across Europe, compared with 12 in 1980, according to research by Munich Re, the world’s largest reinsurance company.
Of the $175 billion in losses caused by natural disasters in 2016, only $50 billion were insured, according to a 2016 report by global insurance network ClimateWise.
“Floods affect more people globally than any other type of natural hazard and cause some of the largest economic, social and humanitarian losses,” said Freiner.
“We will work with our partners to drive $1 billion into building resilience to floods globally – and save lives,” she added.
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Insurance Business magazine