 |
NEW YORK, Sept. 23, 2022 /PRNewswire/ -- XDI has today unveiled a world-first capability to identify properties structurally unable to withstand hurricanes and cyclones, and whose location - thanks to climate change - puts them increasingly at risk.
Banks, asset owners and investors on the US 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 of the United States, where climate change is altering hurricane and cyclone patterns, but where few properties have been built with this in mind.
"Florida and Texas have a history of cyclones and hurricanes and have factored this into building standards. But most of the east coast has not. Hurricane Sandy showed us the devastating impact of storms hitting locations not designed to cope. For the first time we can offer a service that enables the property sector to accurately understand the physical risk to their properties, and take action accordingly," says Rohan Hamden, CEO of XDI.
The new capability is based on the latest modelling 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.
"Until now, no one has been able to account for the structural integrity of individual buildings in this way. Yet this is perhaps the most significant predictor of loss and damage. The real issue is that our property design codes in places like the USA, Mexico, Australia and even parts of Latin America are not keeping up with the creep of change in cyclone range, putting people and homes at elevated risk," says Hamden.
"This new capability demonstrates the increase in risk associated with mortgages, commercial property and infrastructure in new areas becoming exposed to storms for which buildings are not designed," he added.
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 US$60billion of economic damage. Over 69,000 residential units were damaged.
The new XDI service will be primarily available for banks and investment companies in the USA and can be accessed directly from XDI via or trained consultants.
Media enquiries: Petrana Lorenz I petrana.lorenz@climaterisk.com.au I +61 405 158 636
About XDI
The Cross Dependency Initiative (XDI) is a global leader in physical climate risk analysis, providing data for company and investor TFCD reporting, due diligence and risk management. XDI has created a whole-system view of climate impacts that accounts for all physical risks. Its independent data is designed to empower business, government and financial markets to manage revenue impacts and identify opportunities for adaptation.
View original content to download multimedia:https://www.prnewswire.com/news-releases/xdi-unveils-worlds-first-climate-change-asset-risk-analysis-of-the-expanding-reach-of-hurricanes-on-high-vulnerability-buildings-301631906.html
