Rising sea levels and changing weather patterns could mean a doubling of insurance losses for properties in coastal areas by 2030 unless high-risk areas adapt by implementing aggressive mitigation measures, a new study by Lloyd's and Risk Management Solutions warns.
"Our work over the last three years supports the view that rising sea levels is absolutely one of the most important consequences of climate change," said Lloyd's Chief Executive Officer Richard Ward. He emphasized that rising sea levels need to be "taken very seriously" by society and the insurance industry.
Mr. Ward said that although reduction of greenhouse gases is the only long-term solution to the problem, "in the short- to medium term, there are other things that we must do," citing "adaptation" as a key philosophy going forward.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
