Stakeholders
Insurers
State residential mitigation programs make it easier to fortify homes.
Brand differentiation + improved underwriting results + tangible risk management plan in action accelerating while broadening resiliency efforts.
Better than prompt claims service, is helping the homeowner avoid the claim in the first place.
Doing good makes good business sense; reduced catastrophe losses, lower reinsurance cost.
Evidence a tangible climate change policy in action, with measurable, transparent benefits.
Fortifying more homes narrows the path of severe hurricane and tornado damage.
Narrower damage path can lessen demand surge, creating less reconstruction cost spike.
Lessening severe damage can reduce the volume of litigated claims, protecting insurer brand.
Fortified homes can lower severity of residual market assessments.
Strategically, there are many reasons why supporting mitigation makes a lot of sense.
States may administer at little or no processing cost, increasing homeowners’ incentive to fortify.
Efficient, approved process with certified contractors, separates insurers from responsibility.
Acting as catalysts spurring diverse industries to support residential mitigation inures to insurers’ benefit.
Building a state-based distribution system for wind mitigation drives home the potential if residential catastrophemitigation is implemented nationally, for all peak natural catastrophe perils.
National competition to develop the best ideas for residential cat mitigation for peak perils.
Systematic sharing of best mitigation practices among states, and diverse industries.
Accelerating the onset of broader mitigation because incremental progress will not move the dial.