Coastal Risk President on the Future of Flood Insurance

Hurricanes Harvey, Irma and Maria laid bare fundamental inadequacies of the current flood insurance program in the U.S. Too few homeowners had flood insurance in place. Federal Emergency Management Agency (FEMA) flood maps were inadequate to encompass actual flood risks and, even more importantly, outreach programs by FEMA and the National Flood Insurance Program (NFIP) were inadequate to properly communicate risks to the market.

 

The current hurricane season revealed an astounding lack of resiliency in the U.S. on many levels: (1) lack of insurance coverages; (2) inadequate mapping of flood risks; (3) failure to properly educate homeowners about their actual flood risks; and, (4) gross under-investment in resilient infrastructure by all levels of U.S. governments.

 

In its rush to reduce taxes, Congress is ignoring the U.S. infrastructure deficit, which is estimated to be in the multiple trillions of dollars by the American Society of Civil Engineers. The slide deck that I prepared for the Future of Flood Summit discusses new, cost-effective tools for flood risk modeling, flood risk report production and flood risk communication. A central theme is: “Can the insurance industry do a better job of helping insureds and societies cope with the increasing risks they are facing, as our climate changes and sea levels rise?”As Congress prepares to slash budgets and cut taxes, the fact that Hurricane Irma easily topped City of Miami’s sea walls with only Category 1 strength winds and brought a four-foot river of water down Brickell Avenue, the center of Miami’s Financial District, shows how much work needs to be done to achieve resiliency in just one U.S. city.

 

Link to article

Events

CRC Shares Insights on Sea Level Rise and Coastal Flooding at Leading Conferences

  • Adaptation Canada, April 2016
  • Environmental Seminar and Earth Day UpdateUniversity of Pennsylvania, May 2016
  • PROVIA Adaptation Futures, Netherlands, May 2016 
  • Sea Level Rise & South FL Real Estate, Fort Lauderdale, FL May 2016  
  • Wharton Business Radio Show, Preparing for Rising Sea Levels, May 2016

Client Testimonials

See What Clients Say About the Value of CRC’s Products

"Coastal Risk's future in my view is truly limitless on a Global scope. Your reports and oversight comments helped me quantify the relevant time frames on sea level rise for our three condo properties. This fact based horizon is quite impressive, of course, subject to the projections into the future grounded in scientific research of provable indicators."

Larry Rentz
Former NFL Player and Coral Gables Football Legend

View All