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Here comes the flood: Assessing climate-risk vulnerabilities in Asia Pacific real estate
Real estate across the globe is needing to fight against the disastrous effects of our changing climate. Insurance company Aon has estimated that natural hazard–related disasters have caused about $3 trillion of damage during the years 2010 to 2019, approximately 50 percent more than in the previous decade. Physical assets that were deemed safe a decade ago require a new assessment to keep up with the quickening pace of worsening or new climate risks. Within the Asia Pacific region, the level and type of climate risk can vary greatly from country to country. Therefore, it is important to look at each climatic variable separately to determine the level of risk for existing assets and future developments. From extreme hurricane risk in the Philippines to extreme heat predictions for Australia, knowledge of climate risk can be hugely beneficial at all stages of asset management.
Measuring climate risks
Real estate investors would like to have exposure t