Chubb Report Reveals Misconceptions Among US Mid-Market Companies Regarding Flood Risks (Insurance Business)

Chubb Report Reveals Misconceptions Among US Mid-Market Companies Regarding Flood Risks

  Tuesday, November 21st, 2023 Source: Insurance Business

A recent report from Chubb reveals a troubling gap in understanding among US mid-market companies regarding flood risks. The survey, which gathered insights from insurance brokers, found that 85% of these companies incorrectly believe their property insurance covers various types of flooding. This misconception is alarming, considering floods are the most common and costly natural disaster in the US, with expenses exceeding $850 billion since 2000.

The survey also uncovered that a majority of businesses do not request flood insurance quotes, partly due to the mistaken belief that their current policies provide sufficient coverage. Additionally, there’s confusion about what constitutes a flood, with perceptions varying from water body overflow to heavy rainfall and tidal waves. This lack of understanding and consensus highlights the need for better education and clarification from the insurance industry on flood risks and coverage.

Chubb emphasizes the urgency for businesses to assess their flood risks accurately, seek proper insurance coverage, and leverage tools and technologies for resilience and loss prevention. Regular engagement with insurers and brokers is recommended to adapt to the evolving nature of flood risks and ensure appropriate coverage and preparedness.

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