Lloyd’s, RMS to Release Global Coastal Flood Report

August 25, 2008

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

Lloyd’s said the report looks 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. 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.”

Lloyd’s also pointed out that over 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,” said 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.”

Lloyd’s CEO Richard Ward and RMS CEO Hemant Shah will host a press briefing to discuss the key findings and implications of the report.

Source: Lloyd’s – www.lloyds.com

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