QBE North America Foundation Provides Funding for InnSure Home Resilience Audit Pilot Program to Address Flood Risk
QBE North America Foundation Provides Funding for InnSure Home Resilience Audit Pilot Program to Address Flood Risk |
| [11-February-2025] |
Salem, Massachusetts selected as initial site for the Public-Private Partnership Program NEW YORK, Feb. 11, 2025 /PRNewswire/ -- The QBE North America Foundation announced today that it has partnered with nonprofit InnSure and the City of Salem, Massachusetts, to implement a pilot program aimed at increasing resilience to climate-driven flood risks. This public-private partnership will evaluate measures that lower flood risks for homeowners and renters, while also mitigating community-wide vulnerabilities to flash flooding.
The pilot program will leverage insurance industry expertise to develop and execute actionable work plans. These plans include home resilience audits and a community-embedded insurance solution designed to recognize and reward climate adaptation efforts at both the household and community levels. "As climate change accelerates extreme weather patterns and the natural catastrophe insurance protection gap in the United States grows, it's critical to reward community and government mitigation efforts and integrate insurance solutions early in the planning process," said Charlie Sidoti, Executive Director, InnSure. "This collaboration with the City of Salem is a promising opportunity to test new insurance models at the community level, and we're excited to partner with the QBE Foundation and local leaders on this initiative." Salem was chosen as the pilot site due to its significant flood risk, with threats from coastal, riverine and flash flooding. "I'm grateful to the InnSure team, the QBE North America Foundation, and the city's Sustainability & Resiliency Department for making this pilot possible," said Salem Mayor Dominick Pangallo, "We're excited to explore innovative solutions that can help mitigate climate-related risks for our residents and other community members." The City of Salem will develop a no-cost home flood resilience assessment program as part of the initiative, planned to be rolled out later this year. The goal is to significantly enhance flood mitigation efforts, strengthen community resilience and expand insurance access to potentially underserved families and neighborhoods. This initiative also aims to reduce retained loss costs, response and recovery expenses, and infrastructure spending, which can lessen the financial impact on governments and taxpayers following climate-related disasters. Additionally, the program may later expand to address other hazards such as wind damage. "At QBE, we are committed to helping create strong, resilient and inclusive communities," said Julie Wood, CEO, QBE North America. "We recognize the important role insurance plays in supporting communities to build resilience and mitigate against climate risk." The pilot program officially began on February 11, 2025. About QBE North America About InnSure
SOURCE QBE North America | ||
Company Codes: Australia:QBE, OTC-PINK:QBIEY |
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