Caribbean faces rising hurricane risks
The future development of the Caribbean could be hampered by increasing hurricane and storm activity caused by climate change, according to the Caribbean Catastrophe Risk Insurance Facility (CCRIF).
The study found that wind, storm surge and inland flooding damage took up 6% of some nations’ GDP, with costs expected to rise by 1-3% by 2030.
The research looked at the impact of climate change on Anguilla, Antigua and Barbuda, Barbados, Bermuda, the Cayman Islands, Dominica, Jamaica and St. Lucia, and sought means to assess the most cost-effective way of managing potential challenges.
Analytical support was provided by Swiss Re, with Senior Climate Change Adviser Andreas Spiegel advocating a combination of risk prevention and transfer measures to shift risk from the public sector to the sphere of commercial insurance.
Although the increase in devastating weather is predicted to be significant, taking strong measures could substantially alleviate the costs likely to be faced.
The Cayman Islands, for example, could reduce losses by 90% through the construction of sea walls and enforcing building codes.
Category: Insurance News
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