The New York Times recently featured an article titled "The East Coast is Sinking," shedding light on the exacerbating factors contributing to rising sea levels. Simultaneously, I read a piece in PropertyCasualty360 titled "Florida's New Normal: Rising Sea Levels, King Tides & Stormwater Flooding," underlining the pressing need for solutions in the face of rising sea levels.
According to satellite readings from NASA, the global average sea level has been steadily rising at a rate of around 3.3 millimeters per year since the early 1990s. The New York Times article noted that data from tide gauges indicate this rate is accelerating. Last year alone, the global average sea level soared to a new record high—101 millimeters (4 inches) above 1993 levels.
Localized factors along the U.S. coastline, such as erosion, oil and groundwater extraction, and subsidence, frequently exacerbate the rate of sea level rise beyond the global average. Guidewire HazardHub offers a vital solution in its Sea-Level Rise calculations for insurers concerned about the ramifications of their portfolios. The HazardHub Sea Level Rise database provides access to precise data on how many feet of sea-level rise, up to 10 feet, will impact any property in the U.S.
The detail of the Sea Level Rise data HazardHub provides is unparalleled. Our geospatial team has translated this intricate data into a format that offers instantaneous insights for any property in the country—in less than 2 seconds. Integrated seamlessly into the HazardHub API, Sea Level Rise data is complemented by over 1,400 additional data elements on climate, natural catastrophes, and extreme weather-related risks to property.
Through HazardHub's integrated data, insurers can gain a comprehensive understanding of the risks posed by all perils in coastal areas of the United States, including flood risk, flood parameters, FEMA claims, tsunami risk, and storm surge, among others. The granularity of HazardHub's data allows insurers to develop both micro and macro views of water and sea-level rise risk, enabling more informed decision-making.
For instance, a mere one-foot increase in sea level rise can jeopardize over $10 billion worth of property in Florida alone. High-risk communities include North Miami Beach, Clearwater, Key Largo, Pensacola, and Gulf Breeze.
We aim to make immensely challenging datasets accessible and actionable via our API, enabling insurers to effectively manage portfolio and individual property-level risks.
For P&C insurers struggling to understand the impact of Sea Level Rise risks, HazardHub is an invaluable resource.