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ADVISING ON FLOOD RISK – OPPORTUNITIES AND CHALLENGES ACROSS INTERNATIONAL COMMERCIAL PROPERTY MARKETSBhattacharya-Mis, Namrata; Chang, Faith; Kreibich, Heidi; Montz, Burrell; Lamond, Jessica; Proverbs, David; Wilkinson, Sara; University of Chester, Nottingham university, GHZ Berlin, University of East Carolina, University of West of England, Birmingham City University, UTS Sydney (Royal institution of Chartered Surveyors , London, 2018-04-23)There is an increasing body of research which identifies the need for flood risk mitigation advice and the potential for building professionals such as surveyors to be involved. This research explored the potential for surveyors to play a greater role in advising on at-risk commercial properties to better manage risk within the commercial property sector. Through a series of 72 expert interviews of professionals in the field of flood risk management in five international markets (UK, US, Australia, China and Germany), the research developed a picture of the current and potential role surveyors can play in providing professional advice on flood risk affected commercial properties. The interviews revealed that a wide set of opportunity lies in expert surveyors’ technical and local knowledge and understanding of risk mitigation and damage reduction processes, building typology, commercial land use, property valuation, and insurance schemes. However, their ability to offer flood specific advice is constrained by lack of: flood related expertise and training, market demand, client awareness of flood risk and, an willingness to invest in advice and mitigation measures on behalf of clients. The research highlights the need for collaborative practice to enable well informed all round advice on flood risk resilience. The findings also highlight the need for additional flood risk education and training for surveyors to assist them to provide improved risk mitigation advice.
Flood risk insurance, mitigation and commercial property valuationLamond, Jessica; Bhattacharya-Mis, Namrata; Chan, Faith K. S.; Kreibich, Heidi; Montz, Burrell; Proverbs, David; Wilkinson, Sara; University of the West of England; University of Chester; University of Nottingham Ningbo China; GFZ German Research Centre for Geosciences; East Carolina University; Birmingham City University; University of Technology Sydney (Emerald, 2019-04-02)To understand how Built Environment professionals approach the valuation of flood risk in commercial property markets and whether insurance promotes mitigation in different insurance and risk management regimes, draw common conclusions, and highlight opportunities to transfer learning. An illustrative case study approach involving literature search and 72 interviews with Built Environment professionals, across five countries in four continents. Common difficulties arise in availability, reliability and interpretation of risk information, and in evaluating the impact of mitigation. These factors, coupled with the heteregenous nature of commercial property, lack of transactional data, and remote investors, make valuation of risk particularly challenging in the sector. Insurance incentives for risk mitigation are somewhat effective where employed and could be further developed, however the influence of insurance is hampered by lack of insurance penetration and underinsurance. Further investigation of the means to improve uptake of insurance and to develop insurance incentives for mitigation is recommended. Flood risk is inconsistently reflected in commercial property values leading to lack of mitigation and vulnerability of investments to future flooding. Improvements are needed in: access to adequate risk information; professional skills in valuing risk; guidance on valuation of flood risk; and regulation to ensure adequate consideration of risk and mitigation options. The research addresses a global issue that threatens local, and regional economies through loss of utility, business profitability and commercial property value. It is unique in consulting professionals across international markets.
Flood risk to commercial property: Training and Education Needs of Built Environment ProfessionalsBhattacharya-Mis, Namrata; Lamond, Jessica; Chang, Faith; Kreibich, Heidi; Burrell, Montz; Wilkinson, Sara; Proverbs, David (Emerald, 2018-10-08)Improved management of commercial property at risk from flooding may result from well-targeted advice from built environment professionals, such as surveyors, valuers and project managers. However, research indicates that the role of these professionals in providing such advice is currently limited for a variety of reasons. This research aimed to investigate the (perceived and real) barriers and opportunities for providing such advice in a number of international locations. In particular the research sought greater understanding of the link between regulation and guidance; perceived roles and capacity; and training and education needs. In order to cover different international settings an illustrative case study approach was adopted within the selected countries (Australia, UK, US, China and Germany). This involved a qualitative approach using semi-structured interviews of built environment (BE) professionals with experience of advising on commercial properties at risk of flooding. Due to the specific nature of these interviews, a purposive sampling approach was implemented, leading to a sample of 72 interviews across the five international locations. Perceived barriers were linked to regulatory issues, a shortage of suitably experienced professionals, a lack of formal guidance and insurance requirements. BE professionals defined their roles differently in each case study in relation to these factors and stressed the need for closer collaboration among the various disciplines and indeed the other key stakeholders (i.e. insurers, loss adjusters, contractors). A shortage of knowledgeable experts caused by a lack of formal training and education was a common challenge highlighted in all locations. The research is unique in providing an international perspective on issues affecting built environment professionals in providing robust and impartial advice on commercial property at risk of flooding. Whilst acknowledging the existence of local flood conditions, regulatory frameworks and insurance regimes, the results indicate some recurring themes, indicating a lack of general flood risk education and training across all five case study countries. Learning across case studies coupled with appropriate policy development could contribute towards improved skills development and more consistent integration of BE professionals within future flood risk management practice, policy and strategy.