Catastrophe modeling firm AIR Worldwide, in partnership with experts from the Brookings Institution and AXIS Capital Holdings Limited, has released a report exploring how climate change may affect hurricane risk in the US by 2050.

The report specifically focuses on financial losses to residential and commercial properties.

“Climate-related risks are among the most serious issues facing the world today, and insurers have a critical role to play in mitigating them,” said Albert Benchimol, president and CEO of AXIS.

“Investing in ongoing research like today’s, in partnership with AIR and Brookings scholars, is essential. While climate change is likely to affect hurricanes in multiple ways, the report highlights two important aspects: an increase in the frequency of the strongest storms, and additional storm-surge flooding due to sea-level rise.”