Actions of the Sea Vulnerability Study
Following the release of the 'Climate Change Impact Series: Actions of the Sea and Future Risks' report, a critical milestone of this project has now been met.
Many thanks to our Climate Change Action Committee and Data and Knowledge Committee who made this work possible.
Top takeaways from the report
- Climate change is driving rising sea levels and exacerbating coastal hazards known as “Actions of the Sea” such as coastal inundation, erosion, and recession.
- Significant additional investment will be required to mitigate the risks of coastal inundation and sea level rise.
- Urgent action is needed at all levels of government, in collaboration with industry, to build a national picture of coastal hazard risks and how to address it.
- The insurance industry stands ready to collaborate with government to share our risk intelligence to help mitigate these growing challenges.
Background on the project
Understanding the key issues relating to Actions of the Sea will inform risk management decisions, including future mitigating action, that may drive better outcomes for communities exposed to sea level rise.
The ICA’s Climate Change Action Committee (CCAC) agrees that damage from Actions of the Sea is likely to increase in a climate changed future, therefore we have invested in an investigation to better understand the insurance industry’s current position and future options regarding this complex set of hazards.
The understanding of the key issues will inform risk management decisions including future physical mitigating actions that may drive better outcomes for communities exposed to sea level rise.
The objective of the project is to understand what are the key issues concerning risk awareness and risk taking due to coastal erosion, inundation, and sea level rise for the insurance industry?
We also need to understand our future data requirements regarding Actions of the Sea and sea level rise, to provide a consistent basis for risk management and decision making.
The project will also yield definitions of the hazards classified as Actions of the Sea and lead to an appreciation of the potential for the insurance industry to offer cover.
Baird Consulting has been commissioned to conduct the investigation, guided by the CCAC.
Measures of Success
An understanding of the set of hazards termed “Actions of the Sea”. Industry action to be guided by expert provided recommendations.