Belinda Storey, Sally Owen, Christian Zammit, Ilan Noy
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Insurance retreat in residential properties from future sea level rise in Aotearoa New Zealand
How will the increased frequency of coastal inundation events induced by sea level rise impact residential insurance premiums, and when would insurance contracts be withdrawn? We model the contribution of localised sea level rise to the increased frequency of coastal inundation events. Examining four Aotearoa New Zealand cities, we combine historical tide-gauge extremes with geo-located property data to estimate the annual expected loss from this hazard, for each property, in order to establish when insurance retreat is likely to occur. We find that as sea level rise changes the frequency of inundation events, 99% of properties currently within 1% AEP coastal inundation zones can expect at least partial insurance retreat within a decade (with less than 10 cm of sea level rise). Our modelling predicts that full insurance retreat is likely within 20–25 years, with timing dependent on the property’s elevation and distance from the coast, and less intuitively, on the tidal range in each location.
期刊介绍:
Climatic Change is dedicated to the totality of the problem of climatic variability and change - its descriptions, causes, implications and interactions among these. The purpose of the journal is to provide a means of exchange among those working in different disciplines on problems related to climatic variations. This means that authors have an opportunity to communicate the essence of their studies to people in other climate-related disciplines and to interested non-disciplinarians, as well as to report on research in which the originality is in the combinations of (not necessarily original) work from several disciplines. The journal also includes vigorous editorial and book review sections.