The real estate and insurance industries should collaborate to help tackle the impact of climate change, according to a new report.
The Urban Land Institute published the report, called ‘What the Real Estate Industry Needs to Know about the Insurance Industry and Climate Change’, to highlight a number of case studies that analyze the impacts of flooding and other natural disasters on real estate.
The report addressed the need to construct property and infrastructure that is more resilient to therefore cut the damage and costs of climate change-related incidents.
"With greater urbanization comes greater risk; not just from specific incidents but general climatic conditions," as quoted in the report.
The report also includes case studies on flooding in a number of countries including Canada and the US and gives an inside look on the different levels of insurance coveage available while providing government reactions and protocol.
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