Lloyds To Release New Coastal Flooding Report

Lloyd’s and Risk Management Solutions will release a new report Sept. 9 on coastal flooding implications in conjunction with the Reinsurance Rendezvous in Monte Carlo.

While announcing the report’s pending release, Lloyd’s says it will look specifically “at how measures to defend against flooding could help to maintain the affordability and availability of insurance in the future.

“Research clearly shows that the world is getting warmer – and will continue to do so – and as a result sea levels will rise,” a company bulletin says.

“The consequences of this for many coastal communities globally will be devastating.

Even a 30 cm. [almost one foot] rise in sea level by the 2030’s could double the financial losses from damage to a high-risk property located on the coast.”

The bulletin mentions that more than half of the world’s population is expected to live within 100 kms of the coast within the next 25 years.

It is therefore “imperative that we address this risk now by starting to adapt,” says the bulletin. “Using a series of illustrative examples, this new report demonstrates the benefits of a variety of adaptation measures and discuss how insurers and the public sector can work together to manage risks from climate change.”

This story was originally published by Canadian Insurance Top Broker.