The insurance sector must play a leading role in mitigating ocean risk, XL Catlin says.

The global insurer – now part of the French Axa group – will host its first Ocean Risk Summit this week in Bermuda.

“Ocean warming, rising sea levels, acidification, marine pollution and habitat destruction are all creating uncertainty and risk, posing a major threat to the societies and economies that rely on the resources and services [the sea] provides,” the insurer says.

The summit will cover issues such as threats to global food security and human health, and the impact of hurricanes on communities, ecosystems, businesses, migration and national security.

It will also provide data and analysis to help businesses and governments identify potential exposure to these and other ocean risks.

“Ocean risk is an evolving and unpredictable field,” XL Catlin CEO Mike McGavick said.

“We believe the insurance industry should take the lead in stimulating global, constructive debate and help identify solutions to this major global challenge.”