The Conservancy and The Chubb Charitable Foundation work together to reduce risk along Miami’s vulnerable coastline
$1 million project to serve as a scalable model for protecting vulnerable coastal cities
November 15, 2018 (Miami, Florida) – The Nature Conservancy, the world’s largest conservation organization, and Chubb, the world’s largest publicly traded property and casualty insurer, announced their intention to work together in Miami to reduce the risk from storm impacts and rising sea levels along one of our country’s most vulnerable shorelines. The collaboration, funded by a $1 million grant from The Chubb Charitable Foundation, includes a restoration and resilience project in Miami-Dade County to demonstrate the flood protection benefits of nature-based solutions. The project is designed to increase protection from flooding and serve as a model that can be replicated in other coastal cities in the U.S. and globally.
With the support of Chubb and its Chubb Charitable Foundation, The Nature Conservancy (TNC) has identified more than a dozen potential locations in Miami-Dade County in which natural and hybrid infrastructure could increase resilience to storms and rising sea levels. Science-based flood modeling and cost-benefit analyses of some of these sites will be used to identify a location where people and property may benefit most from a shoreline resilience project, and inform final site selection.
At the project site, methods to promote resilience through nature-based solutions may include the restoration of mangroves, creation of protective berms along the coastline, planting of native vegetation, removal of invasive species and the installation of artificial reefs.
Miami ranks as the U.S. metropolitan area with the highest number of homes threatened by storm surge, as noted in a 2018 Corelogic report, and the insured value of property on the Florida coast is approximately $2.9 trillion, according to AIR Worldwide.
Throughout Florida and globally, TNC works to protect people and economies with nature, and helps them adapt to the threats of a changing climate using natural solutions. TNC utilizes science, innovation and expertise to address urgent issues and achieve the greatest impact.
“Support from the Chubb Charitable Foundation will allow us to demonstrate nature’s potential to protect lives, livelihoods and infrastructure in cities— in Miami-Dade County and around the world,” said Mark Tercek, CEO, The Nature Conservancy. “As the impacts of climate change increasingly threaten coastal communities, this work is more urgent than ever before. We are grateful to the Chubb Charitable Foundation for its extraordinary commitment to nature-based resilience.”
“The environment is one of the pillars of Chubb’s philanthropy, and we are pleased to work with and support The Nature Conservancy on this important initiative to promote resilience,” said Evan G. Greenberg, Chairman and CEO of Chubb. “As a global property and casualty insurer, Chubb recognizes that the risk environment is becoming more complex due to climate change including where modern society chooses to build and live. Through our collaboration with TNC, we are looking to make a difference not only in the project area in Miami-Dade County, but to gain insights, rooted in science and practically tested, that can be replicated around the world. This project is in full alignment with our mission, our business and an urgent environmental need.”
“The implementation of natural solutions to protect and restore our shoreline in Miami and throughout Florida is essential as we face the challenge of climate change and rising waters,” said Temperince Morgan, Executive Director, The Nature Conservancy in Florida. “Chubb’s commitment to conservation and their dedication to reducing risk will result in strengthened shoreline in Miami which will help protect residents as well as make public spaces greener and more functional, a win-win for people and for nature.”
The Nature Conservancy and Chubb and its Charitable Foundation are committed to the implementation of natural solutions that can provide an effective piece in a broader resilience strategy for Miami and other coastal cities in which population growth and increased development will coincide with rising seas.
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The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, on-the-ground solutions to our world's toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters and oceans at an unprecedented scale, providing food and water sustainably and helping make cities more sustainable. Working in 72 countries, we use a collaborative approach that engages local communities, governments, the private sector, and other partners. To learn more, visit www.nature.org or follow @nature_press on Twitter.
About the Chubb Charitable Foundation
The Chubb Charitable Foundation supports U.S.-based non-profit organizations through grant-making and projects aligned with defined focus areas including education, the environment, and poverty and health. The mission of the Foundation is to assist less fortunate individuals and communities in achieving and sustaining productive and healthy lives in geographic areas where Chubb employees live and work. The Chubb Charitable Foundation strives to accomplish this by focusing the majority of its funds on clearly defined projects that have measurable objectives and outcomes and solves problems within the Foundation's defined areas of focus.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.