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Coastwide
Property

USA - Mortgage market is unprepared for climate risk, says industry report

With numerous stakeholders in housing finance, climate change will send significant stress down a long financial line, according to a Mortgage Bankers Association report. The report said it could increase mortgage default, increase the volatility of house prices and produce significant climate migration.

Coastwide
Property

USA - Ida reinsurance recoveries significant for some, backup cover likely needed

Information from sources suggests that some primary insurance carriers are likely to recover significant amounts from their reinsurance arrangements after hurricane Ida, while a number of insurers are likely to exhaust their reinsurance towers completely, and some catastrophe bonds remain exposed.

International
Property

AU - Government rejects lavish eco-resort on south-west coast

A controversial $85 million luxury resort proposed for Victoria’s south-west coast has been knocked back by the state government following a long campaign of opposition.

Northeast
Property

NJ - Cost to buy out all Ida-damaged often-flooded homes would top $1B New Jersey

TRENTON – The state’s top environmental official says one of the striking things after the damage caused by former Hurricane Ida was the immediate interest in Blue Acres buyouts of often-flooded properties.

International
Property

World - Building Stronger Resilience in Ocean and Coastal Areas

UN Climate Change News, 22 September 2021 – Technology development and transfer is essential for governments to reduce their greenhouse gas emissions and adapt to the inevitable impacts of climate change in accordance with the Paris Agreement.

Mid-Atlantic
Property

NJ - In wake of Ida, DEP looks to buy more flood-prone properties

Federal money may be available to expand popular Blue Acres program, state says

Gulf of Mexico
Property

TX - Editorial: $29 billion won't stop the Big One. Here's why the Ike Dike is still worth it.

Doomsday, we’re told, will go something like this: A 20-foot storm surge propelled by 150 mph winds from a cyclonic beast spawned in the balmy Gulf of Mexico is on a collision course with the Houston Ship Channel.

Coastwide
Property

USA - Floods Have Swamped the US. The Next Health Problem: Mold

The goo that grows in soaked buildings can cause infections and allergies—an issue that’s understudied even as climate change leads to more frequent deluges.

Coastwide
Property

USA - Climate Adaptation: Moving to Higher Ground in Your Region to Avoid Sea Level Rise

Wherever you live, climate change will transform your life over the next several decades. It will get hotter, drier, and homes near the coasts face flooding risk due to rising sea levels. If you aren’t ready to stay in your coastal home despite the risks, it’s time to consider moving to higher ground in your region — and to learn about the factors that should influence your choice of locations.

Coastwide
Property

FL - Rising seas will change the coast and the groundwater beneath your feet

Most attention has been on overland flooding, but water coming up through the earth could prove a bigger threat.

Gulf of Mexico
Property

LA - Louisianans’ way of life on the coast is threatened by the very plans meant to save their wetlands and barrier islands from rising seas

Waves of disaster have earned Louisiana a reputation as the place to watch for how climate change will impact coastal areas. Hurricane Ida was merely a punctuation mark in a series of devastating tropical cyclones, tragic inland floods, epic oil spills and deadly epidemics.

Coastwide
Property

US - Physical climate risk to major US banks over $250 billion annually: Ceres

Research from Ceres, the non-profit focused on sustainability challenges such as global climate change and water scarcity and their implications, has found that major US banks have more than $250 billion of exposure to physical climate risks annually sitting in their loan portfolios.

Coastwide
Property

USA - By any measure, this is a busy era for American hurricanes

It’s not unusual to have two or three tropical systems brewing in the Atlantic Ocean in mid-September. But it is noteworthy that we’re ready to hit the “O” storm — Odette — and may soon see “P” for Peter.

Gulf of Mexico
Property

LA - James Gill: Critics said we should abandon New Orleans after Katrina. They're not saying that now

On the first flight my wife and I took after Hurricane Katrina, a fellow passenger, gathering that we were from New Orleans, interrupted to warn us that this was the last time the rest of the country would bail us out.

Gulf of Mexico
Property

LA - Can This Cajun-Punk Musician Protect His Culture From Climate Change?

Louis Michot on the mutual aid efforts after Hurricane Ida, his plans to distribute solar power, and why some people would rather die than move away

Gulf of Mexico
Property

LA - Rising seas, sinking land: Life on this Hurricane Ida-battered Louisiana barrier island may never be the same

GRAND ISLE, Louisiana — Jules Melancon steps over roofing shingles littering his yard, around a downed tree and ducks beneath a twisted aluminum beam of the shed in his backyard. “I was lucky, I tell you," the third-generation oyster farmer says. "My house came through OK."

Coastwide
Property

USA - Why groundwater flooding is becoming a threat to coastal cities as sea levels rise

While concerns over sea-level rise have typically focused on the ocean washing over previously dry land, higher seas also raise the coastal groundwater table — and that could expose far more Californians and their property to climate-change effects than overland flooding.

Coastwide
Property

USA - Banks at bigger risk from climate than subprime mortgages, researcher says

Climate change is posing a bigger risk to bank balance sheets than the subprime mortgage crisis that contributed to the Great Recession, according to the co-author of a new study on the vulnerability of commercial loans.

International
Property

World - Asian Development Bank issues first blue bond for ocean investments in Asia Pacific region

Blue bonds are debt instruments in which the proceeds are used to fund projects that benefit ocean health. They act by de-risking ocean projects and bringing new investors to the table.

West Coast
Property

CA - How A Blistering Housing Market Could Be Making Wildfires Even More Dangerous

Whether it's fires or floods or hurricanes or rising sea levels, climate change is poised to wreak havoc on property and insurance markets throughout the nation.

Southeast
Property

FL - Miami's best real estate is under threat from rising sea levels, so the wealthy are moving to higher ground

When an apartment building collapsed just 25 minutes from his home, Ivory Artis was grappling with the potential loss of his own apartment in Miami.

Coastwide
Property

USA - What Smart People Get Wrong About Climate Change Extremes: Opinion

If anyone should be attuned to the real-world impacts of global warming, it’s the policy makers and business heads that have to deal with the fallout. But even the most well-intentioned can fail to grasp just how bad things could get if climate goals aren’t met.

Southeast
Property

FL - 'Hurricane tax' could boost Floridians' property insurance by $300 each a year

Ballooning reinsurance costs, “loss creep” from 2017-18 hurricanes, coastal flooding and excessive litigation costs are among converging “perfect storm” factors that are hiking Florida property insurance renewal rates by 30% to 40%.

Coastwide
Property

USA - Ida will be one of the costliest US mainland hurricanes: Aon

Hurricane Ida is expected to become one of the costliest tropical storm impacts ever to affect the mainland United States, according to insurance and reinsurance broker Aon.