Comprehensive support for your business
As climate change continues to alter global weather patterns, the United Kingdom has seen a significant rise in the frequency and intensity of named storm events. The Met Office has taken proactive measures by naming storms to enhance public awareness and preparedness. The 2024-25 storm season is expected to bring a series of impactful weather conditions.
This article examines the implications of these named storms and how we can support you both before and after any loss occurs.
The rising frequency of named storm events in the UK
Historically, the UK has experienced storm events, but recent years have shown a marked increase in their frequency and severity (see the chart). The Met Office's practice of naming storms aims to communicate the potential risks associated with bad weather. This includes:
- high winds or storm force winds;
- heavy rainfall;
- and flooding.
These events can lead to significant disruptions. This includes property damage, business interruptions, and even loss of life. The rise in named storms is indicative of a changing climate, where intense weather patterns are becoming the norm. Such intensity can result in storm damage claims due to the damage caused by fallen trees, breaks glass, and other factors.
The implications of these storms extend beyond immediate damage. Businesses must consider the long-term effects on their:
- operations;
- supply chains;
- and overall resilience.
As the frequency of named storms increases, it is essential to adopt proactive risk management strategies. This will help mitigate potential losses. Companies may also need to consider alternative accommodation for staff or operations if they suffer damage to their premises.
Support for enhanced preparedness against storm damage
One of our key partnerships is with Previsico. They have developed a flood resilience toolkit capable of delivering live surface water flood forecasts at a property-level detail. This collaboration combines Marsh’s risk consultancy expertise with Previsico’s cutting-edge technology. It empowers clients to put in place effective risk management strategies against flooding.
The flood resilience toolkit offers tailored solutions, including:
- Flood Forecasting: Property-specific forecasts received up to 48 hours ahead of a flood.
- IoT Sensors: Live monitoring of waterways for accurate water level measurements.
- Instacasting: Retrospective flood footprints providing insights into flood development over time.
The benefits of this toolkit include:
- Loss Reduction: Achieving up to 100% loss mitigation for moveable assets and over 50% for fixed assets.
- Lessons Learned: Enabling businesses to learn from past flood events to enhance future resilience.
- Insights: 24/7 access to actionable information via a sensor and forecasting dashboard.
- Staff Safety: Early warnings facilitate the implementation of evacuation plans. This ensures safety and minimising operational disruption.
- Resource Prioritisation: Early alerts allow businesses to prioritise resources effectively.
Comprehensive support when you experience a loss
In the unfortunate event that a storm or bad weather conditions cause damage or disruption, Marsh is equipped to provide comprehensive support throughout the recovery process.
Our dedicated Claims Surge Team is committed to assisting clients during crises and monitoring the influx of claims. They also ensure timely communication with insurers. Within 24 hours of a claim initiation, we keep clients updated throughout the process. If necessary, we put in place overtime measures to provide prompt support.
To enhance service delivery, we collaborate with our Admin Team to establish claim records in our system. This allows our expert Claims Advisers to focus on guiding clients through the immediate aftermath of an event. We use specific claim codes to track all arising claims. This ensures efficient and timely settlements.
Major Loss Support for storm damage
Recovery from a flood is crucial for a company’s finances and operations. Marsh’s Forensic Accounting and Claims Services Practice offers proactive, on-the-ground support to manage the crisis following a flood. Our team can respond within 48 hours of a loss event. We provide claims leadership and resources to help mitigate losses and facilitate a timely recovery.
Large losses can be complex, requiring expertise in local regulations and procedures. Marsh claims project managers travel to loss sites worldwide. They assist clients in managing their claims processes with stakeholders, including contractors and loss adjusters. Our specialists can help establish the scope and values of property damage. They address issues such as code upgrades and identify damage scope issues that may not be evident to insurers. We also consider maintenance issues that may arise as a result of the storm.
Our Forensic Accounting and Claims Services team brings global insight to local challenges. They utilise consistent protocols for post-loss analysis and claims project management. With an average of 20 years of experience, our senior practitioners are well-versed in insurance loss accounting. They also specialise in claims advocacy, providing a distinct advantage in expediting settlements. This expertise provides a distinct advantage in expediting settlements.
Parametric vs. traditional flood insurance – what’s best?
At Marsh Commercial, we are committed to helping clients navigate the complexities of risk management. This is especially important in the face of increasing natural catastrophes. Choosing the right buildings insurance policy or home insurance cover for your business is crucial. However, you may find it difficult to find cover due to your previous claims history or because your business location may be undesirable to insurers.
We’ve partnered with FloodFlash, which offers parametric flood insurance, to raise awareness of flood issues. This partnership aims to provide flood insurance to businesses that have previously missed out. It also targets those that have struggled with expensive premiums or high excesses.
It’s not always an either/or decision as these insurance policies can complement each other to provide the best outcome for you. Read our article on the key differences, and the questions you should ask to determine which is best for you.
Contact us today
The increasing prevalence of named storm events in the UK highlights the critical need for proactive risk management and preparedness. We’re dedicated to supporting your business before any loss occurs through:
- comprehensive risk assessments;
- crisis management planning;
- and training programs.
In the event of a loss, our extensive claims management services and forensic accounting expertise are available. Additionally, our on-the-ground support ensures that clients can navigate the recovery process effectively. We provide the technical details necessary for a smooth recovery.
We can also help you understand and decide what solution is right for your business. This way, you’ll have peace of mind knowing that should the worst happen, you’re covered and can get back to what’s important – running your business.
Contact your usual adviser to learn how we can enhance your resilience. Or, get in touch with our team, to safeguard your operations against the challenges posed by an evolving climate.
