Led a corporation-wide diagnostic of flood risk for a major UK supermarket retailer, scoring their river, rainfall, and coastal flood risk today and under a two degree warming scenario. We identified 42 high-risk assets on which to perform property flood resilience surveys to identify most effective resilience measures.
Deployed virtual property flood resilience surveys during COVID-19 for national building materials supplier with over 550 facilities in Ireland and the UK. Client's insurer was insisting on a 400% increase in deductible for 32 high-risk flood sites at renewal. We rapidly deployed several "virtual" property flood resilience surveys and developed resistance/recoverability recommendations. In combination with delivering a bespoke Flood Emergency Response Plan, this gave the insurer grounds to rebalance the deductible.
Marsh diagnosed flood risk for a UK housing association with 50,000+ properties following a major multi-asset flood, which led to the client's insurer imposing a £500,000 event excess. We conducted a full diagnostic of the client's assets and developed an operational Flood Resilience Action Plan, including post-event refit resilience. This supported the client when negotiating at insurance renewal and the use of instant-payout parametric flood insurance on specific sites.
Marsh began by prioritising sites for a landed estate company looking to address climate change risk proactively which could affect its stewardship responsibilities and directors and officers (D&O) liability going forward. We provided a portfolio diagnostic and identified 10 high-priority assets and clusters of assets for follow-up flood resilience surveys. We are now training the estate in-house survey teams to deploy their new Property Flood Resilience Code of Practice as part of their standard re-fit procedures.
Marsh coordinated Flood Re's UK-wide Flood Rapid Response Programme on an ongoing basis, which forecasts and monitors flood onset, triggers and utilises drone, aerial, and satellite technologies to produce rapid, granular flood footprints and depths. This is a joint initiative with Guy Carpenter, which use the results to conduct financial loss modelling, and is a cornerstone of Flood Re’s Prudential Regulation Authority (PRA) and Solvency II CAT management submissions.