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ARTICLE · 08 MARCH 2024

Construction Flash Flood Risk – When It Rains It Pours

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Climate warming worldwide has led to increased unpredictability of weather patterns. In 2023, the economic impacts of severe convective storms (SCSs) and floods...

United KingdomReal Estate and Construction
Michael Twena
Michael Twena
Zoe Fujiwara
Zoe Fujiwara

$50B

U.S. insurers experienced the costliest SCS year on record: total claims exceeded $50 billion

Climate warming worldwide has led to increased unpredictability of weather patterns. In 2023, the economic impacts of severe convective storms (SCSs) and floods became a focal point for risk managers as U.S. insurers experienced the costliest SCS year on record: total claims exceeded $50 billion1. In the UK, rainfall events exceeding 20mm/hr are projected to be 4 times more frequent by 20702. This evolving situation necessitates a proactive approach to risk identification, mitigation, and adaptation.

The projected increase in extreme precipitation necessitates risk awareness and mitigation even in areas that have not historically experienced flood related losses.

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