Members of the Institute for Business & Home Safety (IBHS) have adopted a new strategic long-range plan that recognizes the importance of mitigating the effects of both natural disasters and other property loss events.
For most of its 30-year history, the national nonprofit insurance trade association has focused its engineering, research and public awareness activities on reducing the frequency and severity of catastrophic property losses caused by natural disasters.
But given current property claim severity trends, such as those related to water losses, the insurance and reinsurance members of IBHS reportedly saw a need to expand the group’s charge, reflected in its new mission statement, which reads:
“The Institute for Business & Home Safety works to reduce the social and economic effects of natural disasters and other property losses by conducting research and advocating improved construction, maintenance and preparation practices.”
According to IBHS President and CEO Harvey Ryland, “Natural disasters take an enormous social and economic toll on this country. And while they don’t make the same kinds of news headlines, other property losses, like those caused by plumbing failures and water intrusion, can also cost billions of dollars every year.
“But what all such losses have in common is that many could be reduced, even prevented. Whether it’s through building codes, construction methods, maintenance practices or business continuity plans, we do know how to reduce the residential and commercial impact of these incidents. With the support and leadership of our members, we aim to do just that.”
For information on IBHS, visit www.ibhs.org.
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