Sea-level rises: why flooding is the next big business risk
A new breed of insurers, risk analysts and designers is aiming to help businesses and homeowners prepare for rising sea levels.
An early entrant to this emerging market for sea level related risk analysis is Acclimatise. Since setting up in 2004, the London-based firm has provided advice on flood vulnerability to a range of businesses, banks and governments. Acclimatise’s chief executive, John Firth, says: “The causes [of sea-level rises] are clear and the effects are becoming clearer and clearer, and this drives demand.”
The insurance sector is another increasingly vocal group. Insurers have better reason than most to worry. Recent analysis by Risk Management Solutions and Lloyd’s of London calculates that annual losses from storm surge for properties in the UK could double by 2035.