2024: Public Risk Pooling: Opportunities to Drive Climate Adaptation (EDF Impact Grant)
Climate change and land use management challenges have created a crisis in U.S. property insurance markets: more frequent, more extreme storms have pushed several private insurers to insolvency. In many states, public insurance markets are a (costlier and less comprehensive) resource for homeowners who can’t access private markets. Public insurance markets are well positioned to drive risk reduction. This project will identify the levers public insurance programs use to support risk reduction, barriers to expanding their use, and paths of policy reform to equitably increase the resilience of areas facing growing risk from natural hazards, while simultaneously stabilizing insurance markets.
Cornell: John Zinda, Global Development
EDF: Carolyn Kousky