This study, released by the Geneva Institute in June of 2020, is focused on building resilience to floods in a changing climate. It points to the need for a paradigm shift from reacting to crises towards a risk-based, anticipatory, holistic and all-of-society approach to managing the potential impacts of catastrophes.
Climate change is increasing disaster risk in many coastal communities. The Wharton Risk Center has work underway exploring the role of risk transfer in promoting coastal climate adaptation. This project was launched with a workshop in December, 2019. Findings from the workshop are now available in a workshop report. The report offers a research and policy agenda for how risk transfer can address four adaptation priorities: (1) improving the recovery of low-income families, (2) protecting coastal ecosystems, (3) meeting community fiscal needs post-disaster, and (4) increasing investments in risk reduction.
Over the Summer of 2019, the Wharton Risk Management and Decision Processes Center, the Kleinman Center for Energy Policy, the Penn Program on Regulation, and the Faculty Senate at the University of Pennsylvania hosted a virtual ideation session to generate new policy-relevant and solution-oriented ideas for tackling one or more of three interrelated types of climate risk.
This report compiles the solutions from researchers across multiple schools, departments, and research centers at the university, highlighting the interdisciplinary nature of this project.
After the Mandatory Purchase (MPR) went into effect in 1973, the number of communities enrolled in the National Flood Insurance Program (NFIP) grew rapidly, as did the number of properties with flood insurance coverage. That said, despite the MPR, an insurance coverage gap remains for many properties at risk from flooding.
This report examines the motivation behind creation of the MPR and the extent to which it is still meeting original policy goals.
Focusing on the city of Tulsa, Oklahoma, this study examines the feasibility of using social return on investment (SROI) methods to evaluate “whole community” and resilience-building activities at the local level.
Escalating wildfire risk and a unique legal regime threaten the financial health of California’s electric utilities, with consequences for customers, taxpayers, and shareholders. This report examines potential financing options for third-party wildfire damages, including a discussion of possible funding sources and mechanisms, and their distributional implications.
Today, many homeowners are uninsured against flood damage. The lack of widespread take-up of flood insurance will not only impose financial strain on families but could have spillover effects in adjoining communities and may trigger foreclosures that hurt lenders. This paper describes the U.S. housing market’s exposure to flood risk and suggests directions for future research and action.
Based on interviews with 63 market participants, external document review, and data analyses, the report characterizes the current state of the private market for residential flood insurance across the country, and identifies the main factors influencing the number and form of policies offered in this new market.