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Flood in USA - Essay Example

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In the summer of 2007, the United Kingdom was hit by a series of floods that resulted in the destruction of a huge number of properties. The floods swept large sections in the entire country. The worst of it happened in East Yorkshire and the Midlands, Gloucestershire, Worcestershire, Oxfordshire, Berkshire, and South Wales. These happened during the months of June and July. Many attributed it to climate change. The floods were the peak of the very wet and unpredictable weather that occurred over the UK in the previous months. The worst rainfall started in May and continued all throughout the summer. The relentless rains caused the rivers to swell and catchments also became saturated. However, whatever the reason for the floods is, it cannot be denied that indeed it was one of the most catastrophic events that hit the UK since the World War 2.The result of the floods was the great destruction of many households. Homes were badly damaged and smaller properties such as appliances and furniture were rendered no longer usable. In the aftermath, the Association of British Insurers stated that roughly 27,000 household and 6,800 business claims have been filed for the June floods. Another 17,500 residential and 7,500 business claims followed for the July floods. It was expected that these insured families and business entities would be able to relocate or recover soon once the claims were released. Despite the fact that the claims could drain much of the insurance companies' resources, they were obliged to comply with their policies. On the other hand, about 25% of the families and small businesses have been found to be uninsured. They had suffered the same calamity but theirs could be worse since they did not have the immediate availability of funds for quick relief and rehabilitation.
In November 2007, a report came out stating that 2.2 million properties in the UK are located in flood risk areas. The number is about 10% of the total homes in the UK. This also represents 5 million people. (RMS) However, with the aforementioned fact that a quarter of the families and small businesses were not insured, questions are raised about the reasons why this is so. The answers were provided; depending on whose vantage point did it come from. There were those that said that the insurance premiums were too high for households and small entrepreneurs to high. This why they decided not to have their properties covered. Others also said that they simply did not bother to have themselves insured because they did not believe the insurance would not do them any good anyway. Between these two likely answers, what is common is that this 25% of the people were found to low aversion for risks. The insurance firms might be offering their coverage for high premiums or not, but if the people maintained this attitude towards risk, they would definitely shun any coverage regardless of their capacity to pay for it. Indeed, this would lead into the conclusion that for this low or even non-aversion towards risk might be the reason why there were quite many who did not immediately recover after the 2007 floods. The risk they took cost them their properties without any guarantee that they would be able to rebuild at the soonest possible time.
It was obvious that the people found it difficult to deal wisely with low-probability, high loss occurrences. At the surface, it might just be because the premiums are too expensive for them, as this was often their reply when asked why they did not avail insurance coverage for themselves. However, UK insurance firms then and even until these current times have always been known to offer very competitive premium rates. Despite this fact, there were still many who did not have themselves covered. Consequently, this may lead to the idea that this certain section of the people might have borne with them the behavior that displayed "represents non-optimal decision-making based on individuals utilizing simplified heuristics, ...Show more
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Summary

In the summer of 2007,the United Kingdom was hit by a series of floods that resulted in the destruction of a huge number of properties.The floods swept large sections in the entire country.The worst of it happened in East Yorkshire and the Midlands,Gloucestershire,Worcestershire,Oxfordshire,Berkshire,and South Wales…
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