Revealed – the world’s costliest flood disasters

Abandoned boat washes ashore after drifting for six days and surviving ex-Cyclone Fili

An abandoned boat that spent six days drifting off the East Coast, including through ex-Cyclone Fili, washed ashore in surprisingly good condition on Good Friday.

Three people and a dog were winched from the 18-metre San Rosa by the Lowe Rescue helicopter on April 9.

San Rosa washed ashore in surprisingly good condition given what it’s been though.

The boat was 10 nautical miles off Tokomaru Bay at the time and had made a mayday call after the engine failed. The boat was understood to have been recently purchased, and its new owners were sailing it from Tauranga to Marlborough Sounds.

Before coming ashore, the boat had endured the gale force winds and huge seas brought on by ex-Cyclone Fili, which hammered the region for days.

It washed ashore on the beach at Tikitiki, near East Cape, on Friday morning.  Police were getting in touch with the owners, who would decide what to do next…READ ON

Revealed – the world’s costliest flood disasters

The world was ravaged by at least 50 flood disasters last year, which claimed more than 2,500 lives, making these events the second deadliest peril after earthquakes, according to Swiss Re Institute’s latest sigma research on natural catastrophes. The combined economic losses from severe flooding reached US$82 billion in 2021 – the highest among all perils – with only about a quarter covered by insurance.

According to the Swiss Re Institute, flood is currently considered a secondary peril, meaning it receives “less rigour in industry monitoring and modelling” and “weaker exposure data capture and claims tracking.” 

Still, overall insurance coverage was above the past decade’s average of just 10%, reflecting a large protection gap. In the past 10 years, the report estimated that only 5% of flood losses in emerging economies and about a third (34%) in wealthy nations were insured. The largest flood protection gap was seen in Asia, with only 7% of economic losses covered by insurance. In contrast, 34% of flood-related losses were insured in Europe…READ ON

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