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} Ocean Risk Initiative for ON OCEAN RISK Every 8 th of June people are invited to stop what they are doing and think about the Ocean, what it means to us, and what we can do to help protect it. By Karen Sack and Chip Cunliffe Ocean Unite and the AXA XL Ocean Risk Initiative’s work is centred on the Ocean every day, so we don’t need to stop. Instead we wanted to celebrate and share the story of our work together to help regenerate ocean health. Ocean Unite and an insurance company may seem unlikely partners, but in fact we have a lot in common. We are both future-focused, data and science-led, and alarmed by the unprecedented changes happening in the ocean and what they mean for the future. We also both know that dealing with challenges of this scale will take multidisciplinary action and alliances. Human activity is now changing the ocean faster than at any time in the past 65 million years resulting in major threats to communities, economies, and ecosystems and the resulting vulnerabilities and risks will have significant consequences over time. The ocean has absorbed about 30 per cent of our C02 emissions and around 90 per cent of the heat from those emissions. New research shows that the rate of ocean warming has quadrupled since the late 20th century, with increasingly more heat finding its way down into the deep ocean. The knock-on effects of these changes are huge, particularly given that the ocean is home to some 80 per 44 } Issue <strong>10</strong> cent of all of Earth’s biodiversity. Fish stocks are moving, habitats and ecosystems are being degraded, storms are increasing in intensity and sea levels are rising – in fact, it is projected that by 2050, 800 million people will be at risk of coastal flooding and storm surges. This will have lasting impacts on food security and population stability. Image by Stefanie Ferchland from Pixabay These emerging and intensifying ocean-based threats have created a whole new category of risk: Ocean Risk. Coastal communities in small island developing states, developing countries and other low-lying areas are especially vulnerable. And these changes also are not gender neutral. They have disproportionate impacts on women and girls, so gender-based solutions are critical. We need to identify where and how the impacts of these hazards can be reduced by taking pre-emptive action that reduces exposure and vulnerability and builds resilience to these changes. Insurance is by definition an investment to guard against potential future risk. The insurance industry is constantly seeking out data and knowledge to model forward and price emerging risk. AXA XL launched its Ocean Risk Initiative in 2017 to generate research, communicate the impacts of the changes we’re seeing in the ocean and to identify and develop effective solutions. With just 30 per cent of economic losses caused by natural disasters currently covered by insurance – and as little as 5 per cent or less in emerging economies– closing the so-called protection gap is a priority for governments and the insurance industry in order to prevent catastrophic levels of loss that can wipe out decades of development and are impossible for vulnerable communities to recover from. Continued on page 46 Image by Walkerssk from Pixabay
} Newport Trophy Regatta The regatta was started by Ida Lewis Yacht Club during Newport’s America’s Cup days as a fleet-racing competition for all eliminated wouldbe defenders and challengers for the America’s Cup. The event has been held annually since, typically hosting the 12 Metres in the Americas fleet that make Newport their home. This year’s regatta was comprised of three ‘round-the-buoy races – held on Saturday in medium air and lumpy wave conditions on Rhode Island Sound – followed on Sunday by a race around Conanicut Island that was part of the International Yacht and Athletic Club’s Newport Cup regatta. Columbia (US-16) won its Traditional Division in a tie-breaker over American Eagle (US-21) but also won the IYAC Newport Cup overall when it was dual-scored for that race under PHRF handicap. Columbia has been chartered for the Worlds by Anthony Chiurco (Princeton, N.J.) who helmed the boat while owner Kevin Hegarty (Newport, R.I.) and his crew of 15 years sailed it. “Columbia is faster now than she has ever been,” said Hegerty. “Every year we tweak her to make her quicker, and we’ve done a few things this year to really step it up. In the knife fight that was the Modern Division competition, Jack LeFort’s (Jamestown, R.I.) Challenge XII (KA-<strong>10</strong> led by only two points over Dennis Williams’ (Hobe Sound, Fla./ Newport, R.I.) Victory ’83 (K-22). Challenge XII and Victory ’83 both won two races in their series. (Victory counted the around-the-island race as one of its two.) Johan Black Petersen’s Kiwi Magic (KZ-7), here for the Worlds from Denmark, joined Gunther and Maggie Buerman’s (Highland Beach, Fla./Newport, R.I.) New Zealand (KZ-3) for Saturday’s races in Grand Prix Division while Legacy (KZ-5), chartered by Danes Jesper Bank and Thomas Anderson for the Worlds, made a last-minute decision to sail in the aroundthe-island race. New Zealand, which won the division, won all the buoy races but succumbed to Legacy in Sunday’s race, finishing second to Legacy’s first. Newport Trophy Regatta Showdown Won by Columbia, Challenge XII and New Zealand The Newport Trophy Regatta, hosted by Ida Lewis Yacht Club and held on the weekend of 29-30 June for ten 12 Metres, gave a sneak preview of the intense racing to come in July’s 12 Metre World Championship, where 21 of the historic boats will compete. “It was great to have three of the ‘plastic fantastics’ out there, and today showed that the boat handling of all three was phenomenal” said New Zealand’s tactician Brad Read, adding that a total of four Grand Prix Division 12 Metres will sail at the Worlds. “In general, it’s really amazing that you have these boats from so many generations competing 30 to 50 years after they were originally built. We’re just so fortunate that we have these great weapons to go sailing on.” ABOUT THE 2019 12 METRE WORLD CHAMPIONSHIP The International 12 Metre Class’ 2019 World Championship will be held in Newport, Rhode Island (USA) from July 8-13 and hosted by Ida Continued on page 47 Brad Read, tactician for New Zealand (KZ-3) accepts the first-place trophy for Grand Prix Division. Photo Credit: SallyAnne Santos The team of Traditional Division winner Columbia (US-16) at the Newport Trophy Regatta Prizegiving at Ida Lewis Yacht Club. The team also won overall honors in the IYAC Newport Cup regatta. www.mbrpublications.net } 45 Photo Credit: SallyAnne Santos
Page 1 and 2: MAINSAIL } COVER STORY: CUTTING EDG
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