For immediate release Florida
Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org
ST. JOHNS, Fla., Dec. 6, 2023 –The Milwaukee Metropolitan Sewerage District (MMSD) is mitigating the city’s flood risks using reforestation, wetlands restoration, and other nature-based solutions (NBS), according to the Insurance Information Institute (Triple-I).
In a report released today, which included contributions from Triple-I Chief Economist and Data Scientist Dr. Michel Léonard, CBE, and Triple-I Senior Research Analyst Jeff Dunsavage, details were offered about the MMSD’s ambitious Restoration and Wetland Restoration (RWR) program. It will lead to the following over the next 10 years:
“Our interviews with local community leaders suggest that urban flooding is a top priority for communities as they face more intense rain events. Community engagement is needed to build trust and overcome organizational funding/capacity constraints,” the report stated.
The report featured Triple-I’s analysis of the RWR Program on community resilience. The analysis used Triple-I’s Community Resilience Ratings’ quantitative methodology that is comprised of the following components:
In addition, Triple-I stressed the benefits of parametric insurance—policies which pay out a fixed dollar amount, no matter the property damage incurred—for mitigating flood risks.
“Community-based programs can incorporate a combination of parametric insurance and traditional indemnity coverage,” the report stated. “Unlike indemnity insurance, parametric structures cover risks without the complications of sending adjusters to assess damage after an event. Instead of paying for damage that has occurred, parametric insurance pays out if certain agreed-upon conditions are met. If coverage is triggered, a payment is made.”
A recently launched parametric flood insurance program to benefit low- and moderate-income households in New York City is a joint effort of insurers, technology firms and government agencies.
Issues Brief: Flood: State of the Risk
Facts + Statistics: Flood Insurance