We know that flooding is a major natural disaster that affects many parts of the world, including developed countries such as the U.S. It causes billions of dollars in infrastructure and property damage, as well as loss of life for hundreds each year.
According to Consumer Compliance Outlook, Hurricane Irene alone was estimated to have caused between $7 billion and $10 billion in losses. Hurricane Katrina resulted in claim payments of $16.2 billion from the National Flood Insurance Program (NFIP), ranking it the most expensive flood since the NFIP’s inception in 1968. ...continued ...