Property and casualty insurer Chubb has disclosed findings from a recent survey, indicating that U.S. mid-market companies, with a majority falling within the $10 million to $1 billion range, are significantly unaware and unprepared for the risks posed by flooding.
The survey underscores a concerning trend, with a staggering 85% of companies mistakenly believing that their property insurance provides coverage for some, all, or most types of flooding.
This misconception is further exacerbated by the fact that only a small minority of businesses recognise flooding as the most common and costly natural disaster.
