• Flood risk insurance, mitigation and commercial property valuation

      Lamond, 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 Professionals

      Bhattacharya-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.
    • An overview of extra-curricular education for sustainable development (ESD) interventions in UK universities

      Lipscombe, Bryan P.; Burek, Cynthia V.; Potter, Jacqueline; Ribchester, Chris; Degg, Martin; University of Chester (Emerald, 2008-07-11)
      This article explores the extent and type of extra-curricular education for sustainable development-related practice in UK universities and to record opinions about the utility of such work, through a postal questionnaire survey of all UK universities was undertaken in 2006.