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December 21: The benefits of investing in flood resilience

 

 

Date and Time

  • December 21, 2016 (Wednesday)

Speaker

Description

It is but intuitive that it is more effective to build resilience to natural disasters before they hit, than relief and recovery in the aftermath. Research by the insurance sector backs this up: every dollar spent on risk reduction measures saves 5 dollars in avoided/reduced losses. And yet 87% of all disaster-related funding is targeted at relief and recovery. 

As natural disasters go, floods pose the most ominous threat to communities around the world. Almost all countries face the threat of floods to some extent; and the physical losses caused by floods are bigger than losses from all other natural hazards combined. However, research shows that while people overestimate the likelihood of a flood, they underestimate the potential of losses.   

What, then, are the most effective investments to make in flood resilience? How exactly do they help build resilience? What are the most reliable sources of information that can help decision-making in this area? 

David Nash from Z Zurich Foundation, discusses these questions from an insurance perspective. The key, David explains, is to work with communities. He also explains why the insurance sector must recognize the incentives to do so. 

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