The Power of Public and Private Partnerships
Collaborative solutions are critical to promoting flood resilience.
The 2023 State of Flood Report examines the current condition of government-sponsored and private flood insurance programs, the evolving nature of flood risk, steps that public and private sector organizations can take to mitigate this risk, and ways Torrent is making flood insurance more accessible. Our hope is the State of Flood Report will inform and inspire policymakers, communities, insurance agents, and others to deepen their understanding of flood risk and come together to develop long-term solutions that increase resilience.
Torrent and our colleagues at Marsh McLennan recognize the power of public/private partnerships, but those cannot thrive without continuing leadership and vision in both sectors. A key element required is trust between public and private entities, but also between those parties needed to close this gap, including individuals, communities, organizations, and society as a whole.
2023 State of Flood
As climatic conditions shift and worsen, natural catastrophes are becoming more severe. They also are becoming more interconnected, exacerbating the impact of flooding. With more communities at risk, the need for public/private partnerships to close the protection gap and develop long-term flood resilience is greater than ever.
Closing the protection gap and improving resilience will require even more partnerships between governments and private industry. Working together, the public and private sectors can improve community flood mitigation efforts and speed recovery following flood events.