Researchers from the Tropical Meteorology Project at Colorado State University forecast above-average activity for the 2021 Atlantic hurricane season, which runs from June 1 to November 30. CSU's meteorologists predicted the season will see 17 named storms, eight hurricanes and four major hurricanes.
Since hurricanes make landfall in up to 19 states, with the preponderance of storms affecting states bordering the Gulf and Atlantic coastlines, risk professionals, commercial building owners and facility managers in those areas must take precautions to limit property damage from heavy rains, high winds and severe flooding conditions.
Enterprises also face water damage risks far beyond hurricane and flood zones. In an analysis of more than 470,000 insurance claims from 2013 to 2018, leaks from plumbing and other water sources ranked eighth out of the top 10 global causes of all insured losses. Chubb statistics indicate that average commercial water damage loss is estimated at $89,000. For risk professionals trying to preempt and contain water damage losses, a growing range of risk management technology can help monitor and mitigate the threat of property damage and business interruption.
In recent years, for example, many vendors have developed smart water detection and alert devices, and are offering them at increasingly affordable prices. A number of internet of things (IoT)-enabled sensors on the market can discern the presence of moisture and standing water. When they detect above-normal levels in occupied or unoccupied premises, such as roofing or plumbing leaks, the system sends an alert via push notification, email or text alerting users of a potential problem.
For risk professionals interested in deploying water-detecting IoT...