Time for action on ocean risk

The world’s first Ocean Risk Summit held in Bermuda recently drew leaders from across political, economic, environmental and risk sectors to identify the potential exposures to ocean-related risk and tackle its broad-ranging consequences.

Scientists are telling us that the ocean is being transformed faster than anything our planet has experienced in 65 million years and, as such, the results could be transformational from multiple perspectives, including a broad new category of risk.

A new report titled Ocean Risk and the Insurance Industry, written by Falk Niehörster with the support of XL Catlin, was released on the opening day of the summit.

The report leaves no doubt about the urgent need for the insurance industry to equip itself for the severe and far-reaching impacts of ocean change — more intense storms, sea-level rise, loss of fish stocks, and ocean-borne viruses — and stresses that our industry has an opportunity to play a vital role by identifying risk-transfer solutions and mitigation strategies to avoid worst-case scenarios.

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Monster hurricanes reached U.S. during prehistoric periods of ocean warming

New research on coastal sediments, funded in part by BIOS’s Risk Prediction Initiative, shows that prehistoric hurricanes along the northern East Coast of the United States were likely more frequent and intense than those that have hit within recorded history.

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As Bermuda braces for Gonzalo, underwater glider studies hurricane impact

An oceanographer is deploying an undersea glider to take measurements during the Category 3 storm, which is expected to hit Bermuda. Hopefully, the rare underwater perspective will yield insights that can be used to develop forecasting models.

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