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Helping flood-hit companies build for future
Companies affected by floods are working with a ground-breaking project aimed at protecting their future business interests.
The study, led by the University of Leeds, was set up to highlight the true monetary cost of flooding to the business sector and local communities. It aims to establish a framework in which insurers work more closely with businesses that have struggled in the past to secure flood insurance.
The research found that in the winter of 2019/2020, floods in Calderdale cost local companies about £43 million in direct losses, plus £25m in indirect losses.
The companies taking part in the insurance study are from a sector described as the “lifeblood” of UK business – Small and Medium-sized Enterprises (SMEs).