Flood Risk Management Plans

The last September 19^th 2021, Nature reminded us that we are on a living planet, in which no element, as permanent as it might seem, is static. And it also reminded us that the Canary Islands owe their very existence to a very long succession of events just like the one that started that very day along the Cumbre Vieja Ridge in the Island of La Palma, along not too many millions of years, compared to other geological processes.

Colombia's terrain is extremely varied, ranging from low valleys to high snow-capped peaks. This is due primarily to the fact that the country is located right in the middle of the Pacific Ring of Fire, known to be one of the subduction zones that harbours some of the world's most important zones of seismic and volcanic activity as a result of the interaction between the Nazca and the South American tectonic plates.

The extensive eruption of the Cumbre Vieja Volcano in the Canary Islands, has raised our awareness that a hazard that may seem tenuous and infrequent can have a huge impact on the insurance industry, destroy hundreds or thousands of properties, disrupt communications and distribution networks, and bring local economic activity to a halt for many months.

Italian volcanoes well represent the wide spectrum of possible states of activities and eruptive styles: from dormant volcanoes to persistent activity, from the largest volcano in Europe to small volcanic islands, Italy faces all sorts of actual and potential threats from volcanic sources. The Istituto Nazionale di Geofisica e Vulcanologia (INGV) is the main institution in charge of the monitoring and surveillance of active Italian volcanoes.

Volcanic activity is common in Iceland and eruptions, usually lasting days to weeks, happen on average once every three years. Even though some eruptions cause substantial damage, most eruptions do not. This is mainly because Iceland is very sparsely populated with on average only 3-4 people per square kilometer and most live in SW-Iceland, just outside the boundary of the volcanically active zone.

With 111 active volcanoes, Japan ranks 4^th in number, after the United States, Russia and Indonesia. Although Japan's share of global land area is 0.25 %, it houses 7 % of active volcanoes. The Japanese archipelago is situated where four tectonic plates meet, which describes why earthquakes and volcanic eruptions occur so frequently.

New Zealand hasn't experienced a damage-causing eruption like that seen in La Palma over the last few weeks. Nor has it experienced events like the lava flows from Kilauea, Hawaii, in 2018, the volcanogenic tsunami caused by Anak Krakatoa, Indonesia, in 2018, or the widespread ashfall seen at Taal Volcano, Philippines, in 2020, and Calbuco volcano, Chile, in 2015. But we know it could happen, and we are actively preparing for that eventuality.

Like certain other European countries, Portugal does not currently have a special catastrophe compensation fund or specific covers for seismic damage. Despite various attempts along these lines, private insurance is the only coverage option available.

The sixth Symposium of the Aon España Foundation's Catastrophe Observatory, "Catastrophes and their Cost", was held at the National Civil Defence School in Madrid on 25 November with His Majesty King Felipe VI acting as President of Honour.

At 2:10 p.m. local time on 19 September 2021, on the island of La Palma in the Canary Islands, the Cumbre Vieja volcano erupted through the western slope of the ridge at a site known as Cabeza de Vaca, at an elevation of some 800 m above sea level and at a distance of some 5 km from the ocean as the crow flies.

Coverage of volcanic eruptions by Spain's Consorcio de Compensación de Seguros (CCS) dates back to issue of the Spanish Law on recasting the Property and Accident Insurance Catastrophe Compensation Funds into a single "Insurance Compensation Fund" also covering Livestock, Forestry, and Agricultural Insurance.