Collaborating Across Sectors to Address the Property Insurability Crisis
Our Vision
Our Mission
A future in which property insurance helps communities equitably adapt to climate change – by incentivizing risk mitigation, and ensuring that people and businesses can recover from losses.
We bring together people from all sides of the property insurance crisis to co-develop strategies that leverage insurance as a tool for building a more resilient future.
Complex Challenges Require Polycentric Responses
Climate change is intensifying natural hazards – like storms, wildfires, and flooding – that devastate communities, inflict large-scale losses on insurers and, in turn, drive up the costs of property insurance and reinsurance.
As disasters become more frequent and severe, people need insurance more than ever. But property insurance is increasingly unaffordable or even unavailable.
While insurance premiums are soaring to reflect the cost of increasing risk, the insurance industry does not yet consistently factor the benefits of resilience investments into premiums.
Meanwhile, there is growing concern that high insurance premiums are decreasing the availability of affordable housing, while also driving down property values for middle-income homeowners.
And, underinsurance for climate hazards has likely caused banks and lenders to take on greater-than-anticipated risk in their portfolios.
This situation is one of systemic risk to communities and the economy, with echoes of the 2008 financial crisis.
It throws into question existing roles and responsibilities within our governance systems, and threatens our ability to mobilize resources to transition to a more resilient future.