Flood risk mitigation and commercial property advice: An international comparison

Lamond, Jessica; Bhattacharya-Mis, Namrata; Chan, Faith Ka Shun; Kreibich, Heidi; Montz, Burrell; Proverbs, David; Wilkinson, Sara

Abstract

Commentators have increasingly raised concern over the impact of flood risk on commercial property insurability, maintenance and recovery, property utility and, ultimately, property value.

'Flood risk mitigation and commercial property advice: an international comparison' provides a unique global perspective on the issues affecting the built environment professions and RICS professionals in providing professional advice on properties at risk of flooding.

Research focus

Through interviews conducted with over 70 experienced professionals across 5 countries (Australia, China, Germany, UK and the US), the research focuses on the current and future roles of built environment professionals, insurers and regulatory bodies in providing advice for properties at risk and in promoting flood risk mitigation.

The research maps the impact of flooding and flood risk on commercial property value and identifies the barriers and opportunities for built environment and RICS professionals in this field. Key opportunities include:
◾Providing advice on payback periods.
◾Cost-benefit analysis or return on investment on flood mitigation measures.

Findings and recommendations

The research develops a conceptual model for illustrating the potential roles for built environment professionals in supporting commercial property at risk from flooding and identifies common strategies for professionals to take advantage of the identified opportunities. These include:
◾Greater collaborative practice among built environment professionals and other stakeholders.
◾The development of professional competencies including the better understanding of hazard information and risk mitigation options.
◾Improved understanding of insurance options.
◾Improved access to risk databases.

In identifying a series of important and recurring international themes across all five case study countries, 'Flood risk mitigation and commercial property advice: an international comparison' presents highly robust findings that are widely applicable regardless of local flood conditions, regulatory frameworks and insurance regimes.

Citation

Lamond, J., Bhattacharya-Mis, N., Chan, F. K. S., Kreibich, H., Montz, B., Proverbs, D., & Wilkinson, S. (2017). Flood risk mitigation and commercial property advice: An international comparison. London: RICS Research Trust

• Report Type: Project Report
• Online Publication Date: Mar 27, 2017
• Publication Date: Mar 27, 2017
• Deposit Date: Apr 3, 2017
• Peer Reviewed: Peer Reviewed
• Keywords: flood, insurance, commercial property, China, UK, US, Germany, Australia, valuation, mitigation
• Public URL: https://uwe-repository.worktribe.com/output/890695
• Publisher URL: https://www.rics.org/uk/news-insight/research/research-reports/flood-risk-mitigation-and-commercial-property-advice-an-international-comparison/
• Related Public URLs: http://www.open-access.bcu.ac.uk/4183/; https://www.rics.org/globalassets/rics-website/media/knowledge/research/research-reports/flood-risk-mitigation-and-commercial-property-advice-rics.pdf
• Additional Information: Corporate Creators : Royal Institution of Chartered Suveyors