Development Planning for Insurable Communities
An InnSure Workshop for Community Leaders and Insurance Innovators
Date: July 22 & 23
Location: Boston, MA
For Community Leaders & Insurance Innovators Striving to Promote Physical & Financial Resilience in Communities and Take Back Control of Failing Insurance Markets
The Challenge
Existing insurance markets can’t meet communities’ needs in this climate crisis.
Insurance is the most efficient way to finance catastrophe risk, but it is clear that the current models for financing risk through insurance are neither sufficient nor sustainable — they need to be reimagined. Community leaders are navigating this shifting landscape in search of interventions that can improve insurability, reduce premiums, build economic resilience, and mitigate risks posed by our changing environment.
The Opportunity
New strategies are emerging to ensure communities remain physically and financially resilient.
The urgency is clear: we see increasing interest among policymakers in addressing the crisis in property insurance markets and its implications for economic development, and lenders are increasingly concerned about the exposure of their mortgage portfolios to environmental risk.
InnSure is helping communities develop innovative new approaches to account for the total cost of risk – and, simultaneously, promote insurability and finance adaptation integrated with steps to invest in physical resilience.
The Plan
Convene stakeholders to share learning and find actionable paths forward.
Together, we will seek answers to our most pressing questions: How might local civic leaders, state and local governments, lenders and the insurance industry work together to accelerate investment in interventions that enhance resilience? How can such investments help residents and businesses remain insured – and reduce their own risks? What are specific actions that can be taken by various actors to advance these strategies?
Program Objectives
Deepen our shared understanding of communities’ insurability challenges, and strengthen relationships among stakeholders who can collaborate to address these challenges.
Explore new ways to measure, manage and equitably allocate the total costs of risks posed by climate hazards.
Develop a shared agenda of place-based, community-led strategies that can overcome insurability challenges and enhance communities’ economic and physical resilience.
Identify opportunities to test these strategies in fundable community-based pilots that will integrate insurability planning into economic development for resilience.
Map and prioritize objectives for policy action in local, state, and federal governments to support communities and the insurance industry in implementing this community-centered agenda.
During the 3 months following the event, The InnSure team will …
provide limited-in-scope support for individual communities working to turn identified strategies into fundable proposals.
host conference calls to allow communities to share challenges, learnings and insights between communities.
support circulation of proposals to interested funders. This will include a follow on event that will allow interested communities to pitch programs to interested philanthropies, impact investors & insurance innovators.
engage insurance industry innovators across the insurance value chain to catalyze R&D support for specific new solutions needed by communities to close protection gaps and capture the value of resilience investments.
Long-term Goals
Develop physically and financially resilient communities.
Reduce the total cost risk and equitably allocate it through pre-arranged risk financing.
Take back control of insurance markets that are failing community leaders now.
Program Logistics:
This is an invitation only event however interested participants can request an invitation subject to space and work group limitations.
Dates: July 22 & 23
Location: Foley Hoag - 155 Seaport Blvd. Boston, MA
Workgroup Composition (Space is limited):
Up to 25 communities with 2-4 local leaders participating from each community. Suggested participants include electeds/staff, economic development leaders, resilience planners, finance and risk managers. Invited community leaders and public sector employees are free of charge.
Up to 20 additional stakeholders such as insurers, state and federal government leaders, engineering firms, technology solution providers, alternative risk capital providers and program sponsors will be invited. Invited commercial solution providers will be charged $1250 per person.
Program Sponsors
