QBE North America Foundation Provides Funding for InnSure Home Resilience Audit Pilot Program to Address Flood Risk

QBE North America Foundation has partnered with nonprofit InnSure and the City of Salem, Massachusetts, to launch a pilot program addressing climate-driven flood risks.

Rhea-AI Summary

QBE North America Foundation has partnered with nonprofit InnSure and the City of Salem, Massachusetts, to launch a pilot program addressing climate-driven flood risks. The initiative, starting February 11, 2025, will implement home resilience audits and community-embedded insurance solutions to recognize and reward climate adaptation efforts.

Salem was selected as the pilot site due to its significant exposure to coastal, riverine, and flash flooding risks. The program will develop a no-cost home flood resilience assessment program, aiming to enhance flood mitigation efforts, strengthen community resilience, and expand insurance access to underserved areas.

The initiative seeks to reduce retained loss costs, response and recovery expenses, and infrastructure spending, potentially lessening the financial burden on governments and taxpayers following climate-related disasters. The program may later expand to address other hazards such as wind damage.

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Salem, Massachusetts selected as initial site for the Public-Private Partnership Program

NEW YORK, Feb. 11, 2025 /PRNewswire/ -- The QBE North America Foundation announced today that it has partnered with nonprofit InnSure and the City of Salem, Massachusetts, to implement a pilot program aimed at increasing resilience to climate-driven flood risks. This public-private partnership will evaluate measures that lower flood risks for homeowners and renters, while also mitigating community-wide vulnerabilities to flash flooding.

The pilot program will leverage insurance industry expertise to develop and execute actionable work plans. These plans include home resilience audits and a community-embedded insurance solution designed to recognize and reward climate adaptation efforts at both the household and community levels.

"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."

Salem was chosen as the pilot site due to its significant flood risk, with threats from coastal, riverine and flash flooding. "I'm grateful to the InnSure team, the QBE North America Foundation, and the city's Sustainability & Resiliency Department for making this pilot possible," said Salem Mayor Dominick Pangallo, "We're excited to explore innovative solutions that can help mitigate climate-related risks for our residents and other community members."

The City of Salem will develop a no-cost home flood resilience assessment program as part of the initiative, planned to be rolled out later this year. The goal is to significantly enhance flood mitigation efforts, strengthen community resilience and expand insurance access to potentially underserved families and neighborhoods.

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."

The pilot program officially began on February 11, 2025.

About QBE North America 
QBE North America is a global insurance leader helping customers solve unique risks, so they can stay focused on their future. Part of QBE Insurance Group Limited, QBE North America reported Gross Written Premiums in 2023 of $7.6 billion. QBE Insurance Group's results can be found at qbe.com. Headquartered in Sydney, Australia, QBE operates out of 26 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business primarily through its insurance company subsidiaries. The actual terms and conditions of any insurance coverage are subject to the language of the policies as issued. Additional information can be found at qbe.com/us or follow QBE North America on LinkedIn, Facebook and Instagram.

About InnSure 
InnSure is a nonprofit innovation hub with a mission to catalyze novel insurance solutions to address climate risk challenges and accelerate energy transition risk financing. Through a comprehensive set of tools and offerings, including ecosystem development and engagement consulting support services, insurability planning and demonstration projects, and incubation and acceleration programs, InnSure brings together innovators from inside and outside of the insurance industry to contribute to a systemic rethinking of how insurance is financed and delivered. To learn more, visit https://innsure.org or follow InnSure on LinkedIn.

FAQ

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What is the purpose of QBE's flood resilience pilot program in Salem, Massachusetts?

The program aims to increase resilience to climate-driven flood risks through home resilience audits and community-embedded insurance solutions, focusing on lowering flood risks for homeowners and renters while mitigating community-wide vulnerabilities.

When will Salem's no-cost home flood resilience assessment program begin?

The program is planned to be rolled out later in 2025, with the pilot officially launching on February 11, 2025.

Why was Salem, Massachusetts chosen for QBE's flood resilience pilot program?

Salem was selected due to its significant flood risk exposure, facing threats from coastal, riverine, and flash flooding.

What are the expected financial benefits of QBE's flood resilience program?

The program aims to reduce retained loss costs, response and recovery expenses, and infrastructure spending, potentially decreasing the financial impact on governments and taxpayers following climate-related disasters.

Will QBE's flood resilience program expand beyond flood protection?

Yes, the program may later expand to address other hazards such as wind damage.