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The take-up rate of private flood insurance in the U.S. is still low. Even though the private sector can easily define and model flood risk with the right data, the National Flood Insurance Program has dominated the market. But penetration can increase if flood risk is automatically included in all insurance policies, not just those for people in hazardous areas.
While California homeowners show a general awareness of earthquakes and other natural hazards, they did not necessarily take action to mitigate risks, a new study shows. Many did not know whether their home had been retrofitted. The study sought to assess how well retrofitted properties fared during an earthquake.
The Caribbean member governments of CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) have completed their catastrophe insurance portfolios for 2015/2016. Of a premium package, the CCRIF explained it would 'begin to pay for losses resulting from a storm that statistically occurs every 10 years and therefore would increase the likelihood that a country would receive a payout.'...
Operating under the umbrella of the United Nations has sprung R!SE, a multi-stakeholder initiative focused on mobilizing businesses, the public sector, academia, society the insurance industry and investors to make investments 'risk-sensitive,' as well as creating 'risk-resilient societies,' reports Insurance Journal...
Governments must 'recognize the urgency of the implications of the IPCC report and take action to adapt to the changing environment. As well as more disaster conscious investment in future, government investment is also needed in measures to reduce disaster impacts and retro-manage risks in communities to stem the increasing human and economic costs.'...
One year after tropical storms Irene and Lee hit New York state
'The insurance industry plays a pivotal role in integrating new tools, technology and solutions to protect populations and assets against growing concerns about natural disasters and, in the process, helps ensure a sustainable future,' said Rowan Douglas, CEO of Global Analytics at Willis Group Holdings, in his opening keynote speech at the World Bank’s Bi-Annual Understanding Risk Conference...
Voluntary Commitments
The organization has no registered commitments.
The Sendai Framework Voluntary Commitments (SFVC) online platform allows stakeholders to inform the public about their work on DRR. The SFVC online platform is a useful toolto know who is doing what and where for the implementation of the Sendai Framework, which could foster potential collaboration among stakeholders. All stakeholders (private sector, civil society organizations, academia, media, local governments, etc.) working on DRR can submit their commitments and report on their progress and deliverables.