Real estate industry needs to work with insurers on climate change
The real estate and insurance industries should collaborate to help tackle the impact of climate change. That’s the message from the non-profit organization the Urban Land Institute which has published a report called ‘What the Real Estate Industry Needs to Know about the Insurance Industry and Climate Change’. The study concludes that constructing property and infrastructure that is more resilient could help cut the damage and therefore costs of climate change related incidents. With greater urbanization comes greater risk; not just from specific incidents but general climatic conditions. The report includes case studies on flooding in a number of countries including Canada and the US and highlights the different levels of insurance cover available in the different jurisdictions together with varying responses from governments.