SUSTAINABILITY

RORY YATES CHIEF STRATEGY OFFICER , EIS

detecting leaks early , these innovations are exceptions rather than the rule . LeakBot , developed by HomeServe Labs , claims to save homeowners and insurers up to US $ 20.52m annually by preventing water damage through early detection and intervention .

Nevertheless , little meaningful progress has been made in most other areas . For instance , only 4 % of homeowners in high-risk flood areas have taken steps to protect their homes against flooding , according to a survey by the Federal Emergency Management Agency ( FEMA ). Similarly , a report by the Insurance Information Institute highlights that only 20 % of homeowners in wildfire-prone areas have implemented fire-resistant measures around their properties .

The slow adoption of risk mitigation measures can be attributed to the prohibitive cost structure of current insurance models , which often do not provide sufficient incentives for homeowners to invest in preventative measures . For meaningful progress to be made , the insurance industry