The Resilient Coasts Blueprint
October 29th, 2009
A Coastal Risk Symposium, hosted by the Travelers Institute takes place today at the Maritime Center in Charleston, S.C. with the purpose to “bring together business, government and community leaders to identify strategies and solutions to protect and insure the coastal region.”
Part of the discussion will focus on the Resilient Coasts Blueprint prepared by the Heinz Center and Ceres. The Blueprint concisely states a proposed strategy to address risks posed by coastal development and the commercial insurance costs associated with such risks. It proposes cost effective and common sense solutions to mitigate risks and losses. For example, the introduction discusses how commercial customers of insurer FM Global experienced 85% less damage from Hurricane Katrina owing to the insurer’s hurricane loss and prevention program. The claim is that the insurer’s $2.5 million investment in pre-disaster prevention resulted in a $500 million savings in avoided losses. Pretty incredible.
The Plan encompasses adaptable building codes, research, and allowing premiums to reflect real risks to “communicate” the real cost to consumers along with other common sense proposals. If you or your business is among the over 50% of Americans who live and do business in a coastal region, the Blueprint is definitely worth taking a look at.
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