QBE North America Foundation Partners with InnSure and City of Salem to Tackle Flood Risks
The QBE North America Foundation has joined forces with the nonprofit organization InnSure and the City of Salem, Massachusetts, to launch an innovative pilot program aimed at enhancing community resilience against climate-induced flood risks. This initiative will focus on identifying and alleviating flood vulnerabilities affecting both individual homeowners and renters, as well as the wider community, particularly in relation to flash flooding.
QBE’s extensive expertise in insurance will play a pivotal role in formulating and executing practical work plans designed for this initiative. These plans will encompass comprehensive home resilience audits and the development of a community-based insurance solution. This solution is specifically crafted to acknowledge and reward efforts made in climate adaptation at both the household level and within the community as a whole.
Charlie Sidoti, the Executive Director of InnSure, emphasized the urgency of this initiative: “As climate change accelerates extreme weather patterns, the natural catastrophe insurance protection gap in the United States continues to expand. It is crucial to incentivize community and governmental mitigation efforts and to incorporate insurance solutions early in the planning stages.” He added, “This collaboration with the City of Salem represents a promising opportunity to experiment with new insurance models at the community level. We are enthusiastic about partnering with the QBE Foundation and local leaders on this transformative initiative.”
Salem was strategically selected as the pilot site due to its high vulnerability to flooding, facing threats from coastal, riverine, and flash flooding. As part of this initiative, the City of Salem plans to roll out a no-cost home flood resilience assessment program later this year. The primary objectives of this program are to enhance flood mitigation strategies, strengthen community resilience, and expand access to insurance—especially for underserved families and neighborhoods.
By minimizing losses and reducing response and recovery costs, as well as infrastructure spending, the program aims to alleviate the financial strain that climate-related disasters impose on both governments and taxpayers. Furthermore, the announcement indicated that there are plans for potential future expansions to address additional hazards, such as wind damage.
Julie Wood, CEO of QBE North America, stated, “At QBE, we are dedicated to fostering strong, resilient, and inclusive communities. We acknowledge the vital role that insurance plays in empowering communities to build resilience and mitigate the risks associated with climate change.”
Source: Reinsurance News
