15 Sep New York City, NY – Inclusive Insurance: Improving the Post-Flood Financial Resiliency of Low- and Moderate-Income Households (NSF Award ID: 2133256)
Carolyn Kousky, University of Pennsylvania
New York City must prepare vulnerable residents for the inequitable impacts of sea level rise. With the goal of building financial resilience among low- and moderate-income New Yorkers, the Wharton Risk Center at the University of Pennsylvania, the New York City Mayor’s Office of Climate Resiliency, and the Center for New York City Neighborhoods are harnessing innovative public-private insurance solutions that help households manage the impacts of devastating floods. Internationally, there has been a growing movement to identify low-cost insurance designs that can guarantee a more equitable recovery, however, these innovations have yet to be widely adopted in the U.S. The core component of this project will be to pilot a parametric flood policy to rapidly provide emergency assistance. In addition, several policy-informed research projects will be undertaken; a community of practice created focused on using risk transfer for social recovery; and insurance literacy programs deployed for households and housing advisors. This project also involves research and development work with Global Parametrics, technical assistance from Guy Carpenter, and support from the NYC Office of Management and Budget.