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Over the past decade global flood hazard models have been developed and continuously improved. There is now a significant demand for testing global hazard maps generated by these models in order to understand their applicability for international risk reduction strategies and for reinsurance portfolio risk assessments using catastrophe models. We expand on existing methods for comparing global hazard maps and analyse eight global flood models (GFMs) that represent the current state of the global flood modelling community. We apply our comparison to China as a case study and, for the first time, include industry models, pluvial flooding, and flood protection standards in the analysis. In doing so, we provide new insights into how these components change the results of this comparison. We find substantial variability, up to a factor of 4, between the flood hazard maps in the modelled inundated area and exposed gross domestic product (GDP) across multiple return periods (ranging from 5 to 1500 years) and in expected annual exposed GDP. The inclusion of industry models, which currently model flooding at a higher spatial resolution and which additionally include pluvial flooding, strongly improves the comparison and provides important new benchmarks. We find that the addition of pluvial flooding can increase the expected annual exposed GDP by as much as 1.3 percentage points. Our findings strongly highlight the importance of flood defences for a realistic risk assessment in countries like China that are characterized by high concentrations of exposure. Even an incomplete (1.74 % of the area of China) but locally detailed layer of structural defences in high-exposure areas reduces the expected annual exposed GDP to fluvial and pluvial flooding from 4.1 % to 2.8 %.

The socioeconomic impacts of flooding are huge. Between 1980 and 2013, flood losses exceeded $1 trillion globally, and resulted in approximately 220,000 fatalities. To reduce these negative impacts of floods, effective flood risk management is required. Reducing risk globally is at the heart of two recent international agreements: the Sendai Framework for Disaster Risk Reduction and the Warsaw International Mechanism for Loss and Damage Associated with Climate Change Impacts. Prerequisites for effective risk reduction are accurate methods to assess hazard and risk, based on a thorough understanding of underlying processes. Due to the paucity of local scale hazard and risk data in many regions, several global flood hazard and flood risk models have been developed in recent years. More and more, these global models are being used in practice by an ever‐increasing range of users and practitioners. In this chapter, we provide an overview of recent advances in global flood hazard and risk modeling. We then discuss applications of the models in high‐level advocacy in disaster risk management activities, international development organizations, the reinsurance industry, and flood forecasting and early warning. The chapter concludes with several remarks on limitations in global flood risk models and the way forward for the future.