Commercial Flood Risk & Insurance Report
Chubb asked the brokerage community how prepared their middle market clients are for flood incidents. What we learned is flood insurance must evolve to keep pace.
Rising Waters | A deep dive into flood risk
Despite its devastating impacts, flooding and the risks it poses are largely underestimated and misunderstood. Chubb asked the brokerage community to tell us exactly how prepared their middle market clients are for flood incidents. What we learned from respondents was stark and alarming, but also actionable. We must collectively act to ensure that those who are managing the risks of commercial businesses have a clear understanding of the true nature of flood exposure, the vulnerabilities associated with a changing climate, and the property protections available. We hope you find this report useful as you plan and prepare for the future.
Bridging the knowledge gap - Why aren't clients buying flood insurance
- Uninformed and misguided purchasing decisions are common
- Flooding is the most common and most expensive natural disaster1
- Under-utilization of flood insurance is widespread
- Many businesses bypass flood insurance to a false sense of security
Rising Waters | A deep dive into flood risk
In March of 2023, Chubb commissioned iResearch Services to survey 332 commercial insurance brokers about their perceptions, and those of their clients, regarding commercial flood insurance.
News Release | New Chubb Survey Reveals U.S. Businesses Significantly Underestimate Risk from Flooding
Report highlights lack of awareness of flood risks and available insurance protection
1 https://www.pewtrusts.org/en/research-and-analysis/articles/2022/12/15/flooding-is-nearly-a-daily-occurrence-throughout-the-us
Are you ready for what's next?