Kathmandu. Climate-friendly buildings are less risky for insurance companies. <\/p>\n
A joint report by Mars and Hong Kong Land suggests that climate-friendly building design can significantly reduce expected physical damage and help protect property values. At a time when insurance companies are tightening coverage in high-risk markets. <\/p>\n
The study, titled ‘Building Value That Lasts’, analysed Hong Kong Land’s 1.7 million square metre Westbund Central project in Shanghai and found that engineered resilience facilities reduced average annual storm damage by 84 per cent and rain flooding by 88 per cent under current climatic conditions. This information is according to findings published by Insurance Asia. <\/p>\n
The analysis comes at a time when property insurance companies are raising premiums, changing conditions, and retreating from insuring vulnerable locations. By quantitatively illustrating the impact of adaptation measures, the report describes how such facilities can keep the risk level of the project low and stable over time. <\/p>\n
Under the 2050 High Emissions Scenario, vulnerable properties on site will suffer more than twice the storm damage and more than three times the wind damage. With resilience measures in place, the forecast for storm damage will decrease from 0.38 percent to 0.12 percent for today’s vulnerable buildings by 2050. Meanwhile, rain-fed flood damage will decrease from 0.19 percent to 0.05 percent. Wind damage will decrease by 36 percent in the current situation and 31 percent in the 2050 projection. <\/p>\n
Specific engineering measures include increasing drainage capacity by 23 percent to withstand a once-in-a-lifetime storm, providing Grade 1 waterproof basements, upgrading critical machinery, and installing a 2,000 cubic meter sponge urban-style rainwater system. Officials involved in the work found that less than 10 percent of climate-related disclosures currently provide a numerical description of the benefits to be derived from adaptation. They urged property developers, lenders and insurers to work together through the initial design stages to ensure standardized resilience metrics are widely applied to business portfolios. <\/p>\n
These findings support the argument that active investment in construction operations can make properties more attractive to insurers and help maintain coverage availability even as climate risks increase. -Agency<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Climate-friendly buildings are less risky for insurance companies. A joint report by Mars and Hong Kong Land suggests that climate-friendly building design can significantly reduce expected physical damage and help protect property values. At a time when insurance companies are tightening coverage in high-risk markets. The study, titled ‘Building Value That Lasts’, analysed Hong […]<\/p>\n","protected":false},"author":16,"featured_media":321130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-321132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/321132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=321132"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/321132\/revisions"}],"predecessor-version":[{"id":321133,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/321132\/revisions\/321133"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/321130"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=321132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=321132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=321132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}