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One-hundred year flooding events could increase, becoming 50-year events by 2050. Off-plane flooding (defined as a high and very intense level of precipitation in areas of low absorption) is where the biggest potential for increased annual property losses is. This includes urban areas (where there is a high density of buildings), and arid environments (where the infrastructure and sewer systems are not able to withstand heavy rainfall).
Hurricanes should be viewed as more than windstorms. The secondary impact, such as increased rainfall, can create losses for a larger geographic area. "Instead of a hurricane being an eight-to-ten-hour event on the coast, it now becomes a 20-30-hour event once you're inland and the volume of rain keeps accumulating," said R. Dale Hall, FSA, MAAA, CERA, CFA, managing director of research at the Society of Actuaries (SOA).
Additionally, SOA is predicting that property losses may increase 125% due to fertile environment for larger and more damaging wildfires. A change in atmospheric temperature is resulting in more water vapor being held without necessarily releasing it, causing more arid conditions.
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