Data from a new flood mitigation platform, the Aqueduct Global Flood Analyzer tool, highlights the economic severity of global flooding and its potential for an estimated six-fold increase during the next 15 years.
According to Aon Benfield's catastrophe modeling division, global insured losses from flooding over the last 10 years average approximatley $9 billion per year. Additional research suggests that flooding currently poses a threat to roughly 21 million people across the world every year, costing the global economy roughly $90.65 billion.
Climate change, which is predicted to bring more frequent and severe flooding and a significant hike in global sea levels, amplifies the impacts of future flooding.
With more intense flooding events predicted, the need for further global risk financing mechanisms is growing.
For the full story, visit Economic cost of flooding could hit $500 billion+ by 2030.
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