Report shows sea levels rising in the east coast
The U.S. Geological Survey (USGS) has published a new report that documents the rate at which the sea level along the Atlantic Coast is rising. The report shows that the sea level in this region is rising three-to-four times faster than it is in other parts of the world. The report suggests that climate change could be playing a factor, as warming temperatures are having an effect in the far north. What higher sea levels could mean for the U.S. insurance industry is a complicated issue.
Climate change begins to see a major advocate in the insurance industry
Insurers have long been attuned to the risks posed by climate change. Many of begun campaigning for more serious action to be taken to mitigate the effects of the phenomenon, while others have been avoiding the issue entirely due to its controversial nature. The data from the USGS report suggests that insurers will have plenty to worry about whether they believe in climate change or not.
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Report suggests sea levels rising faster in the U.S. than anywhere else in the world
According to the report, sea levels around the world are expected to rise by 3-to-4 feet by the end of the century. Along the east coast of the U.S., sea levels are expected to rise more due to changes in ocean current, land movement, and the temperature of the water in the region. According to USGS researchers, cities like New York, Boston and Norfolk could experience disastrous flooding events triggered by the most modest of storms. The prospect of accounting for the risks posed by floods has been enough to drive many large insurance organizations out of states like Florida.
Insurance industry continues to prepare for possibility of future disasters
While much of the U.S. has been divided by the issue of climate change, the insurance industry is less inclined to leave the issue as nothing more than a possibility. Many insurance companies have begun preparing for the impact of stronger storms and rising sea levels spurred by climate change.