1 in 4 UK properties at risk from flood

The latest version of JBA Risk Management’s UK Flood Model reveals that 1 in 4 UK properties could be at risk from flooding.

The flood specialist’s new model, launched this week, also highlights an estimated annual cost of £527m to UK residential properties from flood, a figure that rises to £1.9bn without flood defences.

The latest model now uses the company’s FLY Technology, which JBA claims enables the insurance market to build models quickly at run time rather than from traditional pre-compiled parameters.

The new UK Flood Model also shows that flood defences could reduce losses by an estimated 360% across river, surface water and coastal flooding, with coastal flooding up to 1300% higher without coastal flood defences.

Losses from river flood are reduced by an estimated 295% from river flood defences. The data also shows that property level protection has the potential to make a huge difference – raising individual property defences for all residential properties in the UK could potentially reduce losses by half.

The largest estimated annual average losses for residential properties are seen in the Hull postcode area (6% of total estimated UK losses) followed by Bristol, Glasgow, Twickenham, and Slough. Other high loss postcode districts occur in and around the Thames.

“The data, and recent flood events around the world, are a clear warning that flood remains a pervasive risk that must be taken seriously, according to Nikki Pilgrim, technical director at JBA Risk Management

“Our new UK Flood Model’s enhanced functionality enables the insurance market to fully understand their flood exposure – users can easily, and quickly, undertake ‘what if’ investigations based on their own needs, see the impacts on their losses, and fully understand individual and portfolio risk profiles.”

Gary McInally, chief actuary at Flood Re added: “I am pleased to see firms like JBA continue to invest in their flood data and modelling. Flooding presents a significant risk to the UK and is changing as a consequence of climate change, developing in complex ways that could have materially varying impacts across different communities in the UK.”

“The changing climate means that access to up to date and detailed data will become increasingly important as organisations seek to effectively quantify and own their view of flood risk. High-quality, flexible models have a major role to play in building the understanding of that risk to inform risk management today and the building of resilience for tomorrow.”

The largest estimated annual average losses for residential properties are seen in the Hull postcode area (6% of total estimated UK losses) followed by Bristol, Glasgow, Twickenham, and Slough. Other high loss postcode districts occur in and around the Thames.

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