Source: QBE

“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.”

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.”

Read the full article: https://www.qbe.com/us/newsroom/press-releases/na-foundation-provides-funding-for-innsure-home-resilience-audit-pilot-program-to-address-flood-risk