Run Time: 29:16
New Twist on Catastrophe Response
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Is any public/private catastrophe insurance program actually funded and functioning properly? That’s up for debate. One thing’s for sure: Natural disasters aren’t going away. Insurance plays a critical role in disaster recovery, but many households and small businesses lack sufficient coverage to fund repair and rebuilding due to affordability constraints, limited risk awareness, lack of understanding of insurance, or behavioral biases in decision making. What’s the role for the private insurers and reinsurers? How bad is the protection gap? What is disaster recovery like in communities today? How can communities be more resilient? Your answers to these questions are provided by Guy Carpenter’s resident expert, Andy Read, who walks us through community-based catastrophe insurance, or CBCI. This is a relatively new concept – and it’s time for the industry to learn more about it, get ahead of it, and if it were up to Andy, push to implement.
