Since the 1970s, insured losses from weather-related catastrophes such as floods, droughts and thunderstorms have increased 14 times. With more than one-third of the world’s land prone to flooding, more frequent and intense natural disasters have brought with them an uncompromising set of negative impacts on business continuity, physical building assets, and, ultimately, asset values.
Innovation in flood risk management has not kept pace with the increasing frequency of such natural disasters. Adoption of systematic flood risk assessment by real estate investors and building occupiers has been slow, the availability of assessment tools has been low, and detailed and up-to-date flood risk information for river and coastal flooding—as well as surface water, groundwater and sewer system flooding—has been limited.
Therefore, a strong need exists to protect real estate physical assets and asset value in the short- and long-term and update business continuity to better account for flooding events. Flood risk management and resilience of commercial real estate and occupier business activities can be improved through better assessment of building location and design, infrastructure and business continuity plans.
Asset owners and building occupiers can introduce more systematic flood hazard assessments through the implementation of flood mitigation features, evaluation of emergency plans and organization’s readiness and recovery plans. The following are key steps to better flood risk management:… Read More