- Water will become a large environmental and regulatory issue
- By 2025, 1.8 BILLION people will live in regions of absolute water scarcity
- By 2030, 47% of the worlds population will live in areas of high water stress
Water damage costs
- 30% of insurance claims are for pluming related leaks
- Average cost of damage from a plumbing leak in a home €6,000
- Average costs of a leak in a business €17,000
- Many property owners do not know their shut off valves do not work until there is a leak
Water protection for the customer
- Smartflows research has shown that insurers will gain more customers and improve loyalty from offering their customers a leak detection system. “Presentation is better than the cure”.
- Almost two-thirds (65%) of consumers say they would switch home insurer if they offered a discount for installing a smart leak defender in their home.
- Smartflow is actively working with the largest insurers to help give discounts to their customers.
- Smarthome protection devices are growing in popularity in Ireland and the U.K. – 43% of households say they plan to install one in the next three years. This is because more than 53% have had a leak in their home or business.
- The research also found that 56% would be more loyal to their insurer if they were proactive and invested in their property by helping supply smart home products like Smartflow.