Banks, asset owners, and investors on the U.S. East Coast can now access XDI’s climate change physical risk analysis of the northward movement of hurricanes on buildings, taking into account the structural vulnerability of properties not constructed to withstand wind extremes.
The development is of particular significance to parts of the East Coast, where climate change is altering hurricane and cyclone patterns, but where few properties have been built with this in mind.
The new capability is based on the latest modeling of heating oceans from the CMIP6 generation of climate model comparisons and uses massive data sets of historical hurricanes and cyclones across the world that have occurred in the last 100 years to create new high-risk wind fields. The XDI capability is unique in its capacity to account for specific building design and construction to create a detailed picture of risk across millions of properties.
Warming ocean temperatures resulting from climate change may become an important driver of increased hurricane reach. Hurricanes reaching communities without appropriate building and planning standards will be far more costly in terms of damages and deaths unless action is taken to make coastal and inland areas more resilient. Hurricane Sandy resulted in 44 deaths and an estimated $60 billion of economic damage. Over 69,000 residential units were damaged.
The new XDI service is available for banks and investment companies in the USA and can be accessed directly from XDI or through trained consultants.
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