Heatwave and flash floods?

Heatwave and flash floods?

It probably seems strange talking about flood risk while the UK is the grips of a heatwave however as the experience of last summer’s flash floods in London show, periods of intense heat can often be followed by severe rainfall.

We are all acutely aware of the role of climate change in all of this. Climate change has increased the frequency and intensity of high rainfall events. During last summer’s flash floods, the London Flood Review highlighted that on the 12th July and 25th July 2021, several London boroughs experienced severe flooding, causing damage to property and infrastructure. Significant areas received rainfall of over 50mm, with the most affected place seeing more than 90mm. The volume of rain that fell in each event was around twice the monthly average rainfall and greater than any existing sewer systems are designed for. These rainfall events were approximated to be the equivalent of a 1 in 175 year event.

So why is this relevant to talk about now? The key lesson here is that no matter what time of year we are in, it’s vital to have proper risk assessment tools in place to affect your business and homes. We’ve talked a lot in the past about the critical importance of understanding how climate chance can disrupt commercial property. The role of scenario risk analysis and climate risk management within day-to-day decision-making for banks and financial institutions is now becoming mainstream. Our team at D-Risk has been making great progress helping many financial organisations  with the help of our FloodBI™ product, which launched earlier this year. FloodBI™ helps banks by providing a comprehensive and commercially focussed insight into the vulnerability of businesses to flood risk. The product provides a rapid and detailed assessment across a complete portfolio and can be applied at loan origination as a preliminary business or commercial security health check

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