Flood damage reaches record levels in 2024
According to the Association of British Insurers (ABI), a record £585 million was paid out in 2024 for weather-related damage to homes and possessions — up from £485 million in 2023. The rise reflects both the scale and frequency of extreme weather events.
By the end of 2024, there had been seven consecutive quarters in which claims exceeded £100 million — a trend that has also pushed up home insurance premiums to an average of £395.
Why flooding remains a persistent threat
Flood damage is largely being driven by an increase in extreme weather. In 2024 alone, the UK experienced 12 named storms, many of which caused widespread flooding across both urban and rural areas.
The ABI has urged the Government to invest further in flood defences as a long-term solution to mitigate risk and protect property in the face of climate change.
Commercial flood risk and business planning
While these figures reflect domestic claims, flooding poses a serious risk to commercial premises as well. Organisations in high-risk areas should take a proactive approach to planning for flood and weather-related disruption.
Why business continuity planning matters
Even with physical flood defences in place, organisations remain exposed to disruption. A Business Continuity Plan (BCP) helps ensure your business can respond effectively when the unexpected happens.
Key components of a BCP include:
- Identifying how different risks — including floods, pandemics and cyber-attacks — could impact your operations
- Outlining controls to prevent, mitigate or respond to those risks
- Planning how to recover critical services quickly and efficiently
- Testing your plan and refining it based on lessons learned
Support from PIB Risk Management
We help clients write clear, tailored business continuity plans that reflect real-world risks. Our support includes:
- Business continuity consultancy
- Information technology audits
- Implementation support using the xCenta risk management system
- Disaster recovery planning to provide a stable foundation post-incident
Talk to us
If you’d like help preparing for flood risks or improving your business continuity resilience, contact us today.
