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Community-Based Catastrophe Insurance

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A new model to insure risk

Miami Beach flooding, October 29, 2012. Courtesy City of Miami Beach

So once we’re using the best data and analytics, more accurate insurance pricing based on better risk assessment should result.  But how do we close the persistent disaster protection gap and help individuals and communities get sufficient insurance coverage?   One approach is community-based catastrophe insurance (CBCI).  Guy Carpenter, Marsh & McLennan Advantage, and the Wharton School have teamed up to provide a roadmap to help communities become aware of and consider implementing a CBCI.

In their report,  Community-Based Catastrophe Insurance: A Model for Closing the Disaster Protection Gap, the team outlines the questions communities should consider and shares a five-part process to help.  The process involves defining the need, determining authority to act, engaging stakeholders, analyzing risk, and transferring risk.  Options around each of the five steps are outlined in the report.

Once community officials, staff, or residents are interested in further considering CBCI, this five-part process can guide them as they consider possible implementation.  The report notes that these are not necessarily sequential steps – it may be necessary to go back and forth among them multiple times. Before arriving at the decision to pursue these steps, the community may need a local champion or leader who believes CBCI could secure local benefits.

As you read through the report, you will see that closing the disaster protection gap will require innovation.  CBCI is a new model for disaster coverage and has the potential to be an important tool for improving community resilience to disaster events – and ultimately faster and stronger recoveries.

LMA Newsletter of 3-22-21

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Tags: community-based catastrophe insurance, Flood Insurance, Flood Mitigation, Guy Carpenter, Marsh & McLennan Advantage, Resiliency, Wharton School

“Lisa Miller is a true champion for the insurance industry, with her regular updates! We appreciate all you do and keeping us up to date on priority issues!”

Gillian Lloyd, Account Executive
Zywave
Milwaukee, WI

“Lisa this is another great newsletter, and we appreciate the time and energy you put into these informative updates – you are on top of these topics!”

Mike Graham, CEO
Smart Vent Products, Floodproofing.com, & Risk Reduction Plus
Juno Beach, FL

“Great article on Risk Rating 2.0!”

Austin Perez, Senior Policy Representative for Federal Housing, Valuation, Insurance and Commercial Issues
National Association of Realtors
Washington, D.C.

“I have followed your weekly newsletter and podcasts and now have a full appreciation for what you bring to this industry.  You are an inspiring force, plain and simple.  I wanted you to know that you make a difference.  Thank you for all you do!”

Jeffrey Karam, CPCU
Bradenton, FL

“Your newsletter is fabulous!  I greatly appreciate the topics you expose, so that insurance professionals like myself can keep up with the latest events that affect the public we serve and ourselves.”

Cynthia Hoehn, Independent Property & Casualty Personal Lines insurance agent
Clermont, FL

“Just a quick note to let you know how much I have appreciated your newsletter over the years and the assistance they offer for those in the field of claims. We depend on the information more than you will ever know!”

Laurie Rasberry, Chief Claims Officer
Acorn Claims
Prosper, Texas

“Thank you Lisa for staying on top of, as well as advocating, for Florida residents and legislative reform. Your newsletters are very informative and enjoy reading the points of view.”  

Shawna Miller, Sr. Claims Quality Assurance & Compliance Manager
Florida Peninsula Insurance Company
Jacksonville, FL

“Another great Newsletter on Florida industry this week.  Your service and advocacy in Florida is very important to keeping me updated and apprised of the Florida insurance laws, trends and overall environment.  Something similar is very much needed in Louisiana, too.”

Jennifer Tedesco, Esq., Claims Director
Pharos Claims Services
Orlando, FL

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Cynthia Scott, President
University Insurance Group
Davie, FL

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