UK flood settlement figures show why insurance must not be the only business recovery strategy
- Published: Thursday, 04 August 2016 07:52
The latest figures showing how flood restoration following the UK winter is progressing have been published by the Association of British Insurers (ABI). The number of commercial claims fully or partly settled after six months is now at 89 percent, showing that 11 percent of businesses are still waiting to receive insurance payments. This illustrates the risk that companies that simply rely on insurance as their business recovery strategy are taking. Business continuity and resilience planning ensures that companies can continue operationally as soon as possible after a disaster, while those assuming that insurance will be the answer can be left struggling to return to business-as-usual.
The importance of resilience planning is being emphasised by the ABI:
“Putting homes and businesses back together after a serious flood tends to be a lengthy process, which adds to the trauma of those affected,” states the organization. “The ABI is therefore publishing a new guide to resistant and resilient repair to help home and business owners who are at flood risk think about steps they can take to help prevent or reduce the damage done should the floodwaters hit.”
The ABI Guide to Resistant and Resilient Repair after a Flood explains:
- How you can prevent flooding from happening again by fitting flood resistant measures like flood guards;
- The steps you can take to minimise the damage if flooding does happen again by using flood resilient materials such as water resistant plaster.
Read the document (PDF).