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Risks cost Dutch cities 1.5 billion euros on average each year

Dutch cities Amsterdam, Rotterdam and the Hague can put the GDP at risk for € 1,58 billion in losses. This was announced by the insurance market Lloyd's yesterday following the Lloyd's City Risk Index. This index measures 22 different risks at stake for the GDP of 279 cities. Where the flood risk is the biggest risk in the Netherlands. 

7 June 2018

The various risks investigated by Lloyd's can cost the cities on average, with a total GDP of almost € 30.000 billion, around € 470 billion on yearly basis. Ralph van Helden, Lloyd’s Benelux Regional Manager says on the following about this: "Due to the role of Europe as an example to the worldwide trade, human threats are the most expensive in more than half of the European cities, which make up for 67% of the total expected economic output at danger in that region. The strong developed character of the European economy means that company risks (like cyber attacks and trade collapses) have a big influence on the GDP of European cities." 

Ralph van Helden: "Flood is the most expensive threat for the Dutch economy and stands for € 437 million of the GDP-risk."

The total GDP of the three Dutch cities equals € 205 billion of which the risks investigated by Lloyd's yearly put € 1,58 billion at risk on average. "Human threats are uprising: human threats account for 53% of the Dutch GDP. A financial market collapse is considered being the second largest threat for the Dutch economy, which on average puts € 377 million of economic output per year at risk."  

The risks that were investigated can be put into two categories: man-made risks and natural disasters. Where the risk for natural disasters in the Netherlands put around € 745 million at risk. "The expectation is that this number will only increase in the future, when extreme weather circumstances become more frequent and severe. Flood is the most expensive threat for the Dutch economy and stands for € 437 million of the GDP-risk. In an extreme scenario a flood in Amsterdam could lead to a € 54 billion loss of its GDP."  We have created this unique index to help cities around the world identify, understand and quantify their exposure to risk, which will help them prioritize investments and build resilience says Lloyd's chairman, Bruce Carnegie Brown, on the Lloyd's website. 

Ralph van Helden adds to this on the website the following: "The City Risk Index investigates the current urban risk landscape and shows that policy makers, companies, and insurers should cooperate in order to make cities resilient. 

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