Insuring Uninsured Risk: Sea Level Rise, Flood & Natural Catastrophes – May, 2017
- When: Wednesday, May 24th, 2017
- Where: The Vinoy St. Petersburg Resort & Golf Club, in St. Petersburg, Florida
Insuring Uninsured Flood Risk: As we have seen in recent years, many victims do not have flood insurance. For example, flooding in Louisiana in 2016 resulted in serious damage to nearly 50,000 homes, but less than a fifth of these homes were covered by flood insurance. A recent study of the top ten American cities vulnerable to storm surge found that six of those cities are in Florida. The Foundation will pursue educational programs to encourage more homeowners to insure themselves against flood risk, using public or private insurance products.
In collaboration with the Institute for Strategic Policy Solutions, St. Petersburg College, the foundation hosted a successful conference, Insuring Uninsured Risk: Flood, Sea Level Rise and Natural Catastrophes, on Wednesday, May 24, 2017, at the Vinoy St. Petersburg Resort & Golf Club, in St. Petersburg, Florida.
Wind and Flood Mitigation: The FAIR Foundation serves as a resource for both the public and private sectors to integrate the effects of climate change and catastrophic risk from wind and water events on risk management, the economic cost benefits of mitigation, and the overall impacts on community viability post catastrophe.
The Foundation collaborated with the Southeast Florida Regional Compact for Climate Change and its members representing the Florida counties of Monroe, Miami-Dade, Broward and Palm Beach, and the Southern Alliance for Clean Energy, on a one-day workshop, Climate Resilience – Wind & Flood Mitigation, held on July 26, 2016 at the Long Key Nature Center in Davie, Florida.
The workshop’s objective was to educate public officials, policy makers and property owners on wind and flood mitigation improvements that increase safety, lower insurance and reinsurance rates, and increase community viability after a hurricane event.
Interactive panel discussions discussed:
- Implications of sea level rise
- Florida Hurricane Catastrophe Fund and the role of the state in stabilization of property insurance rates
- Flood mitigation
- PACE (Property Assessed Clean Energy) as a program for property owners to enhance renewable and/or sustainable energy improvements and improvements that provide protections against catastrophic risk from wind events such as hurricanes and tropical storms.
Mitigation efforts are critical in reducing risks, enhancing post catastrophe community viability, improving safety, and making coastal areas more resilient against climate factors.
Previously, the Foundation’s hosted a successful workshop based on the “Role of Catastrophe Reinsurance in Wind Exposed Regions“, held on April 28th, 2016. Many industry professionals and guest speakers were in attendance.