Cost Of UK Flood Events Could Surge By 2050 – JBA
Cost Of UK Flood Events Could Surge By 2050 – JBA
According to a recent research from JBA Risk Management, a once-in-200-year flood event’s cost might increase by 42 per cent to £5 billion by the middle of the century under an intermediate emissions scenario.
The report also reveals that the UK could experience an increase of up to 87 per cent in average annual losses to residential properties and a 120 per cent increase in the cost of surface water floods, particularly in the south and east of the country, in the event that no steps were taken to reduce emissions.
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While river flooding remains the primary risk from climate change, particularly in the west of the UK, JBA’s UK Flood Model, which includes two new climate scenarios representing intermediate and unmitigated warming by 2050, also demonstrates that coastal flooding will cause the greatest change in flood losses by 2050, with a 150 per cent increase under a no-action scenario.
Cost Of UK Flood Events Could Surge By 2050 – JBA
According to JBA, this model can assist reinsurers and the broader financial sector in understanding how flood risk would affect their portfolios as a result of climate change.
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“The model enables users to customise almost every model parameter, with reinsurers, insurers and brokers able to see the specific impacts on their own books and losses and investigate ‘what if?’ scenarios.”
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