AIR Worldwide, the disaster model, released a report Monday in collaboration with experts from the Brookings Institution and Axis Capital Holdings Ltd. which examined the effects of climate change on the hurricane risk in the United States until 2050.
"Climate change is expected to have a significant impact on hurricane activity in the United States, primarily through rising sea surface temperatures," the report said. storm surge due to sea level rise.
AIR used its US hurricane model, which takes into account wind, storm surge and precipitation-induced flooding, together with AIR's property exposure database, for the analysis.
"This analysis points to increased damage and losses from hurricanes without taking into account any changes in the concentration of property exposure along the coast," said Peter Sousounis, Vice President and Head of Climate Change Research at AIR Worldwide, in a statement issued with the report.
The report also shows how future hurricane-generated storm surge losses around New York, Houston and Miami may look "as indicators of the additional risk created by rising sea levels," the statement said. By 2050, sea level rise could increase storm surge losses anywhere from a third to a factor of almost two in such cases.
"Climate-related risks are among the most serious issues facing the world today," said Albert Benchimol, President and CEO of Axis, in the statement. "Investing in ongoing research like today, in partnership with AIR and Brookings researchers, is essential."