New York City Mayor Michael Bloomberg announced an ambitious, multi-decade plan that would put $20 billion toward protecting the city against natural disasters caused by climate change.
The city currently has 535 million square feet of homes and businesses and 400,000 residents lining the coast, many of which are still reeling from the effects of Superstorm Sandy in 2012.
Research by catastrophe modeling firm AIR Worldwide shows the city—and its insurers—have a lot at risk. The insured value of properties in New York's coastal areas total $2.9 trillion, making up almost two-thirds of the state's total insured property exposure.
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