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Bermuda to host Ocean Risk Summit

Government, finance and reinsurance representatives will gather in Bermuda next May for the inaugural Ocean Risk Summit, addressing threats posed by climate change.

The event will showcase the latest research on ocean changes and their potential impacts.

Higher temperatures are lifting sea levels and increasing the intensity of tropical cyclones, storm surges, coastal flooding, inundation and erosion.

One study estimates hurricane damage to Miami will increase from $US255 billion ($329.61 billion) in 2020 to $US3.5 trillion ($4.52 trillion) in 2050.

Other risks include Arctic sea ice loss, threats to regional food security from overfishing and pollution, and the spread of water-borne viruses.

Ocean Risk Summit sponsors include XL Catlin, the International Union for Conservation of Nature, Ocean Unite, the Bermuda Institute of Ocean Sciences, the Bermuda Business Development Agency and the Bermuda Tourism Authority.

XL Catlin CEO Mike McGavick says the insurance industry should be a leader in helping economies prepare for climate change.

“We have a responsibility… to drive understanding of how to increase resilience [and] help those communities that are severely underinsured and less able to adapt to ocean-specific risks,” he said.

XL Catlin recently partnered with the International Union for Conservation of Nature to develop scientific analyses of climate-related problems such as ocean warming.

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