Chief executive urges industry to abandon ‘one in 100 year event’ term amid flood threat

Previsico’s chief executive has called on the insurance sector to end the use of the term ”one in 100 year event” as climate change alters the frequency and severity of UK floods.

Jonathan Jackson was speaking at Lloyd’s as the insurtech published its 2025 State of Flood Resilience report, revealing a clear disconnect between awareness of flood risks and actual preparedness across UK businesses.

The report, based on interviews from over 100 senior leaders and risk professionals, calls for immediate and coordinated action to build flood resilience in the face of increasingly frequent and severe weather events due to climate change.

Jackson said: “Flooding is no longer a distant possibility, it is a present and growing reality. With extreme weather events accelerating, it’s critical that we recognise, adapt and prepare for the impacts of flooding.

”This report shows that while awareness is rising, meaningful action is lagging behind. We must close the gap between knowledge and resilience.”

Findings

The report, which was created with support from risk management organisation Airmic, found that 43% of businesses have already experienced flooding, but only 29.76% have a flood action plan, exposing a serious preparedness gap.

Meanwhile, only 8.16% feel extremely confident in dealing with a flood and just 12% say they are very prepared for extreme weather overall.

Jackson continued that the industry had to shift the way it described flood events and threats to make it far clearer to businesses and homeowners of the risks they faced.

“Flooding is an increasing issue both in terms of severity and frequency. This is due to climate change, urban development and aging infrastructure,” he said.

“The issue needs education and in doing that can we please stop talking about one in 100 year events.

“The industry needs to adopt a percentage risk-based system. Do away with the one in 100 and one in 20-year description and replace it with a percentage risk of flooding. It will give business and homeowners a far clearer idea of the threats they face.”