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Climate change increases flooding risk to homes, study shows

Source(s): Financial Times
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By Patrick Temple-West

The number of households in Britain at risk of flooding will more than double by 2050 to more than 1.9m owing to the effects of climate change, research from data provider MSCI has found.

[…]

“Flooding is the most prevalent climate hazard in the UK and models predict that flood occurrences will continue to rise,” it said.

[…]

Householders living in flood-prone parts of Britain have in recent years been helped by Flood Re, a multibillion pound scheme set up by the government and insurance industry in 2016 to cap premiums for people living in homes built earlier than 2009. Up to 350,000 homes might eventually be covered.

[…]

Up to $56bn of commercial mortgage-backed securities is exposed to coastal flooding risk, with $18.4bn in New York alone, according to a March 2019 report from investment bank Morgan Stanley. For real estate investment trusts, flooding risk is likely to drive up the cost of insurance.

[…]

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Hazards Flood
Themes Insurance and risk transfer Urban risk and planning
Country and region United Kingdom of Great Britain and Northern Ireland
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