Climate change will triple number of people exposed to flooding by 2070

As a result of climate change and urban development, as many as 150 million people in the world’s major cities could be reliant on flood defenses by 2070 more than three times the 40 million people who face such exposure today, according to a new study by the OECD.The study was jointly authored by Risk Management Solutions (RMS) and academics from the University of Southampton, the Tyndall Centre, Mto-France and the Centre International de Recherche sur l’Environnement et le Dveloppement (CIRED).”The findings are from the first stage of the largest study on urban coastal flood exposure ever undertaken,” RMS noted in a release. “Over 130 key port cities worldwide are analyzed to investigate the likely impact of climate change alongside subsidence, population growth, and urban economic development.”The study found total property and infrastructure exposure is predicted to increase from US$3 trillion today or 5% of current global GDP to US$35 trillion in the 2070s (about 9% of the projected global GDP).”Miami is projected to have the highest property and infrastructure exposure by the 2070s, with more than US$3.5 trillion of exposed assets, followed by Guangzhou in China, with US$3.3 trillion and New York, USA, with US$2.1 trillion,” RMS announced.RMS noted the findings “highlight the opportunity and a necessity for the insurance industry to promote climate change adaptation measures.”