Instances of flooding across Canadian communities this year have continued to make it clear that this natural catastrophe is a big problem, with the property and casualty insurance sector reporting over $1.8 billion annually in insured losses from 2009 to 2018.
In the commercial property space, real estate owners and managers have also been hit with the detrimental impacts of flooding, according to a new report from the Intact Centre on Climate Adaptation, titled “Ahead of the Storm: Developing Flood-Resilience Guidance for Canada’s Commercial Real Estate.” The report serves as Canada’s first guideline on how to improve the flood resiliency of commercial buildings, and was sponsored by BOMA Canada and REALPAC, whose collective membership represents a majority of large commercial real estate companies in the country.
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