Abstract Summary
Reefs and associated ecosystems serve as barriers, buffers, and breakwaters from rising seas, swell, and storm surge. Until recently, it was not possible to put a value on the flood protection benefits from these nature based solutions. This is changing rapidly, however, and recent studies are showing surprising results. Mangroves can reduce annual flood damages to people and property by 20% percent. Without coral reefs damages from storms would double; they avert billions of dollars in flood in flood damages every year. We use insurance industry-based models to show the restoration of reefs and wetlands is cost-effective as well for reducing impacts from storms, particularly when compared to built or gray infrastructure such as seawalls or dikes. This talk will summarize high-level findings from the latest research on the ecology, engineering, and economics of nature based defenses and identify where these can inform innovative tools in insurance and policy.
