![]() ![]() That’s why we are piloting a parametric insurance policy program in New York City, to test and demonstrate how this type of speedy, ready-to-go insurance payout can get money to the people who need it most in the immediate aftermath of a disaster. Even though all levels of government and aid organizations scramble to start up response and recovery actions after a flood, vulnerable households have needs that cannot wait. After a disaster, lower income New Yorkers often don’t have the savings or support network necessary to find safe shelter, get food and access needed supplies. Peter Adams: Our project is about helping the neediest when they need help most. Yet, financial resilience - the ability to recover from an economic shock - underpins other aspects of recovery and is a necessary condition for broader urban disaster resilience. struggle with access to the needed financial resources to recover after disaster events. Currently, low- and moderate-income households in the U.S. ![]() MetroLab’s Elias Gbadamosi and Josh Schacht spoke with Carolyn Kousky, executive director of the Wharton Risk Management and Decision Processes Center at the University of Pennsylvania Peter Adams, senior policy adviser for Land Use and Buildings, New York City Mayor’s Office of Recovery and Resiliency Helen Wiley, project manager at the Wharton Risk Center Joseph Sant, general counsel and vice president of the Center for NYC Neighborhoods Jessi Penkoff, staff attorney at the Center for NYC Neighborhoods and Aaron Sturm, program manager at the Center for NYC Neighborhoods.Įlias Gbadamosi: Can you tell us what your project is about and what the motivation for it was?Ĭarolyn Kousky: Our project’s overarching goal is to increase the financial resilience of low- and moderate-income (LMI) households in New York City to escalating flood risk through the use of inclusive insurance. The project seeks to improve the ability of low- and moderate-income households to recover after a flood through innovative insurance pilots and capacity building within the city, and civic partners to harness risk-transfer markets for social goals. In this installment of the CIVIC Stage 2 Innovation of the Month series, we highlight a project called “Inclusive Insurance: Improving the Post-Flood Financial Resiliency of Low- and Moderate-Income Households” from New York City. ![]()
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