New Risk Management Data Have Been Reported by Researchers at University of Oxford (Evaluating the Benefits of Adaptation of Critical Infrastructures…

New Risk Management Data Have Been Reported by Researchers at University of Oxford (Evaluating the Benefits of Adaptation of Critical Infrastructures to Hydrometeorological Risks)

By a News Reporter-Staff News Editor at Insurance Weekly News -- Current study results on Risk Management have been published. According to news reporting originating in Oxford, United Kingdom, by VerticalNews journalists, research stated, "Infrastructure adaptation measures provide a practical way to reduce the risk from extreme hydrometeorological hazards, such as floods and windstorms. The benefit of adapting infrastructure assets is evaluated as the reduction in risk relative to the 'do nothing' case."

Financial support for this research came from Engineering and Physical Sciences Research Council.

The news reporters obtained a quote from the research from the University of Oxford, "However, evaluating the full benefits of risk reduction is challenging because of the complexity of the systems, the scarcity of data, and the uncertainty of future climatic changes. We address this challenge by integrating methods from the study of climate adaptation, infrastructure systems, and complex networks. In doing so, we outline an infrastructure risk assessment that incorporates interdependence, user demands, and potential failure-related economic losses. Individual infrastructure assets are intersected with probabilistic hazard maps to calculate expected annual damages. Protection measure costs are integrated to calculate risk reduction and associated discounted benefits, which are used to explore the business case for investment in adaptation. A demonstration of the methodology is provided for flood protection of major electricity substations in England and Wales."

According to the news reporters, the research concluded: "We conclude that the ongoing adaptation program for major electricity assets is highly cost beneficial."

For more information on this research see: Evaluating the Benefits of Adaptation of Critical Infrastructures to Hydrometeorological Risks. Risk Analysis, 2017;():. (Wiley-Blackwell - www.wiley.com/; Risk Analysis - onlinelibrary.wiley.com/journal/10.1111/(ISSN)1539-6924)

Our news correspondents report that additional information may be obtained by contacting S. Thacker, Environmental Change Institute, University of Oxford, South Parks Road, Oxford, UK. Additional authors for this research include S. Kelly, R. Pant and J.W Hall.

Keywords for this news article include: Oxford, Europe, United Kingdom, Risk Management.

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