Resilience Incentivization Roadmap 2.0
Oct 18, 2023 | 12:00 PM – 1:00 PM ET
In 2020, the NIBS Committee on Finance, Insurance, and Real Estate (CFIRE) published A Roadmap to Resilience Incentivization, which calls for public and private incentives that allow owners of buildings and other infrastructure to facilitate the upgrade of existing infrastructure and better design of new infrastructure.
The newly-released Resilience Incentivization Roadmap 2.0 is a continuation of the 2020 white paper, where the project team worked with experts from building science, lending, insurance, developer, owner, real estate, appraiser, and public assistance to understand (1) the actors, who can promote, participate in, or resist incentivization, and what drives their decisions, and (2) how to carve the economy at the joints (i.e. how to group stakeholders so each incentive template best serves a large class). The study mainly focuses on residential buildings subject to flood, and also leaves language and procedures flexible to deal with other perils, occupancies, and locales.
Join this panel of experts on Oct. 18 for a discussion about the updated roadmap.
Mira Papinova Moderator
Project Manager, NIBS
Dr. Sean Becketti
Principal, Elliott Bay Analytics
Senior Research Analyst, Insurance Information Institute
President & CEO, Insurance Information Institute
- Although natural-hazard mitigation can save society $5 to $10 per $1 invested, costs and benefits are shared unequally by building stakeholders. Owners and builders bear the cost and enjoy only a part of the benefits, which may help to explain America's resilience investment gap.
- Some incentives exist to help offset the cost of resilience investments, but they can appear small and hard to get, and are generally not coordinated between offerers.
- NIBS' Incentivization Roadmap 2.0 suggests a fundamentally new system of incentives, in which multiple stakeholders each offers money, information, or other value. People may be more persuaded by multiple coordinated incentives than by a single incentive.
- You will learn about the stakeholders and their proposed roles in incentivization, illustrated with an example system to promote pluvial flood mitigation for homes