Mar 27, 2017 - Risk Management Solutions, London, UK ... with Lloyd's of London to examine how the insurability of properties might be maintained in coastal.
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Adapting to climate change to maintain the insurability of people and property against extreme weather and sea level rise
This content has been downloaded from IOPscience. Please scroll down to see the full text. 2009 IOP Conf. Ser.: Earth Environ. Sci. 6 422002 (http://iopscience.iop.org/1755-1315/6/42/422002) View the table of contents for this issue, or go to the journal homepage for more Download details: IP Address: 154.70.154.104 This content was downloaded on 27/03/2017 at 13:48 Please note that terms and conditions apply.
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Climate Change: Global Risks, Challenges and Decisions IOP Conf. Series: Earth and Environmental Science 6 (2009) 422002
IOP Publishing doi:10.1088/1755-1307/6/2/422002
S42.02 Adapting to climate change to maintain the insurability of people and property against extreme weather and sea level rise Nicola Patmore, C Herweijer, R Ward, R Muir-Wood Risk Management Solutions, London, UK Insurance plays an important role in helping human populations to cope with extreme weather events, by providing a mechanism through which those affected receive financial compensation, support and assistance for their losses. In an ideal world, insurance would be provided for all people and property, but this is only possible when risks are known and kept limited. Climate change potentially threatens the provision of insurance because it affects the frequency, intensity and geographical distribution of extreme weather events, such as tropical cyclones, and causes a rise in global sea level. Such potential changes in weatherrelated hazards potentially mean that more people and their properties will be exposed to higher risks and will be rendered uninsurable. This means that more people will need to rely on aid and assistance from governments and charities to cope with the resulting losses. However, insurability can be maintained if there is an effective response to climate change through adaptation that limits the vulnerability and exposure of populations to extreme weather-related hazards. Decision-makers in the public and private sector can explore different adaptation strategies with the help of catastrophe models. These are innovative computer models for estimating the probability of financial losses (ie damage) resulting from extreme events, such as tropical cyclones and river floods, incorporating the methods and results from a wide range of scientific, engineering and economic/financial disciplines. At present, Risk Management Solutions is working with a range of industry and policy-making partners in projects to explore a new innovation in which catastrophe models are ‘conditioned’ to estimate how climate change will alter risks over the next few decades. These projects also investigate how different forms of adaptation, including physical barriers designed to protect communities, building codes and informed planning for property development, might mitigate risks and maintain insurability. This presentation will focus on the results of one such project has been undertaken with Lloyd’s of London to examine how the insurability of properties might be maintained in coastal communities in the face of rising flood hazard, through adaptation to climate change. The study involves model outputs for four cases: an undefended tropical island; an undefended coastal community; a defended coastal community; and an undefended city in a developing country. It concludes that the most effective strategies are those in which policy-makers, insurers and insurance policy-holders each take responsibility for actions that mitigate risk through cost-effective adaptation to the potential impacts of climate change.
c 2009 IOP Publishing Ltd
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