{"id":40076998,"date":"2018-05-09T00:00:00","date_gmt":"2018-05-08T18:30:00","guid":{"rendered":"http:\/\/china-dialogue-ocean-staging.darkbluehq.com\/uncategorized\/2760-better-insurance-is-vital-to-protecting-our-ocean\/"},"modified":"2022-02-10T23:00:21","modified_gmt":"2022-02-10T17:30:21","slug":"2760-better-insurance-is-vital-to-protecting-our-ocean","status":"publish","type":"post","link":"https:\/\/dialogue.earth\/en\/ocean\/2760-better-insurance-is-vital-to-protecting-our-ocean\/","title":{"rendered":"Better insurance is vital to protecting our ocean"},"content":{"rendered":"

The global ocean is changing rapidly, with significant and increasing impacts on marine ecosystems, human lives and economies. Assessing the impacts of these ocean hazards requires science and data, responding to them needs action and finance.<\/p>\n

What is ocean risk?<\/h2>\n
\"Drivers<\/a>
Source: Workshop report on exploring ocean risk: Hazards, vulnerabilities, global priorities and regional resilience. IUCN and IPSO<\/a><\/figcaption><\/figure>\n

The concept of “ocean risk\u201d, brings these interconnected processes together in an effort to identify and quantify emerging ocean threats, and to build better protection for communities and industries. It draws on established insurance principles, such as damage, injury, liability or loss, to calculate ocean-related vulnerabilities in infrastructure, assets and people.<\/p>\n

By identifying these vulnerabilities, adapting to hazards and offering finance, we can reduce losses or avoid them altogether. The first step is to establish proper risk assessment to help governments prioritise action in support of the restoration of our lands and seas.<\/p>\n

This week, leaders from across the political, economic, environmental and risk sectors gather in Bermuda for the world\u2019s first Ocean Risk Summit<\/a>. Attendees, including Richard Branson and Prince Albert of Monaco, will present new research and discuss how to define and quantify ocean risk to help the world foster effective protection strategies, and to shape a more sustainable future for the ocean.<\/p>\n

A changing ocean<\/h2>\n

Eight of the world\u2019s ten largest cities are near the coast, yet rising sea levels<\/a> and the destruction of protective coastal ecosystems, such as corals, are increasing the risk of storm surges and wave damage. The cost of adapting to these changes worldwide is expected to be in the range of US$140-300 billion per annum by 2030.<\/p>\n

The cost to marine ecosystems is greater still. Ocean warming, rising acidity and decreasing oxygen levels are altering the abundance and distribution of phytoplankton and destroying the health of marine ecosystems. Fish stocks are shifting in response to pathogens, noxious algae, noise, chemical contaminants, and the enhanced spread of tropical diseases due to rising ocean temperatures with implications for global food security and geopolitics.<\/p>\n

Eight million tonnes<\/a> of plastic waste enters the sea every year, and 95% of it is submerged. Plastic kills sea animals and birds and enters the food chain. Eventually, it lands on our plates. Destructive, illegal and unsustainable fishing with links to human, drugs and arms trafficking also threaten security and economic prospects. Meanwhile, vital marine species are hunted to extinction. About 100 million sharks are killed each year, and the marine vertebrate population has halved.<\/p>\n

Map of ocean “dead zones\u201d<\/strong><\/p>\n

<\/p>\n

\"A
A map showing coastal sites where anthropogenic nutrients, such as nitrogen from fertilisers, have led to dead zones (red dots). Source: Brietburg et al, Science, 2018.<\/figcaption><\/figure><\/p>\n

<\/div>\n

What does it mean for us?<\/h2>\n

Recent studies have identified a wide range of threats to human lives and economies. Some of these include:<\/p>\n