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Triple-I Blog | An ‘sea change’ in Florida’s outlook on climate risk?

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Florida Governor Ron DeSantis signed two bills last week that lawmakers say will better prepare Florida for future flooding and sea level rise.

The legislature’s approval of these measures and the governor signing them is one of the moments that mark a real change in awareness and attitude to this often-minimum risk. In form of Tampa Bay Times tells, “Over the past decade Florida’s legislature has taken little action and hardly any public discussion about sea level rise.”

note, SB 1954 and SB 2514, the will will – among other things – set aside hundreds of millions of state dollars for flood infrastructure projects. It requires the Department of Environmental Protection to prepare a flood and resilience plan and provides up to $100 million annually to communities that identify areas of coast and other waterways at risk from sea level rise.

“It’s actually a significant amount of resources,” DeSantis said At a bill signing ceremony in Tarpon Springs. “We’re really putting our money where our mouth is to protect the state of Florida, especially our coastal communities from the risk of flooding.”

Sea level rise on the leading edge

Florida’s 1,350-mile-long coastline is the lifeblood of its tourism industry. Given the fact that most of the state is located at or near sea level on a foundation composed largely of porous limestone, it is particularly vulnerable to the threat of rising seas. Some areas of the state are already flooding on clear days, especially during high tide, According to The Associated Press.

The magnitude of the threat is illustrated by the fact that three Florida-based insurers recently announced that they won’t renew more than 53,000 property policies by June – just like 2021 Atlantic hurricane season to start. first name storm of the season – Subtropical Storm Ana – formed northeast of Bermuda early on May 22.

Florida Statutes Chapter 224 Part III Allows insurers to cancel policies when the company would be placed in a dangerous financial position due to an increase in claims after hurricane damage or attorney fees to defend itself on fraudulent adjuster claims.

Dulce Suarez-Resnik, former president of the Latin American Association of Insurance Agencies, said such widespread cancellations are common after increased storm activity in subsequent years.

“It’s not the end of the world or they are bad companies,” Suarez-Resnik said. “It is such that these companies were weakened by the earlier storms and the reinsurance bill became huge. That’s where we are today.”

as we written beforeMany experts consider the current system for managing and mitigating flood risk generally unsustainable. Insurers increasingly recognize that Risk transfer is not enough and that resilience mindset It is essential that there is more demand than new insurance products. Along with innovation and technology Public Private Partnerships, are key components of any resilience strategy that is going to be effective.

thanks to the insurance industry long focus On the rise of disaster risk assessment and quantification and sophisticated modeling capabilities, insurers are ideal partner To address these emerging risks.

Learn more on the Triple-I blog:

ESG is in the DNA of insurers

Both man-made and natural hazards demand a resilience mindset.

White House, FEMA Resilience Officials Speak at Triple-Eye Event

Floods: Beyond Risk Transfer

Partnership to improve flood resistance

Climate risk is not a new priority for insurers

Above-average 2021 Atlantic hurricane season predicted

FEMA’s new approach to flood risk will make the insurance program more fair

Flood, cold, other extreme weather highlights the need for planning and insurance

Study determines impact of future climate change on flood damage

Why do disasters “surprise” us? A resilience culture will aid in preparation

Community Disaster Insurance: Four Models to Increase Resilience

Insurers are addressing climate risks

Study supports case for flood mitigation as world wars

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of knews.uk and knews.uk does not assume any responsibility or liability for the same.

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