The 2024 Miami-Dade Property Insurance Strategy Forum.
The 2024 Miami-Dade Property Insurance Strategy Forum
Collaborating across sectors to address the property insurability crisis.
The Forum convened 70 participants from (re)insurance, broking, risk modeling, local and state government, housing affordability, academia, and international diplomacy. Through a series of working groups, these representatives developed a set of recommendations to improve property insurance affordability and availability, and mitigate climate risks, while setting a precedent for ongoing national dialogue.
Miami-Dade County residents are experiencing rising property insurance costs, and with that, mounting concerns about housing affordability and risks of extreme weather. Climate change is intensifying hazards like storms, wildfires, and flooding that can devastate communities, inflict large-scale losses on insurers and, in turn, drive up the costs of insurance and reinsurance everywhere.
The underlying drivers of soaring property insurance premiums are numerous and interconnected. Systemic challenges like these require interdisciplinary, multi-sectoral responses. Neither the public sector nor the insurance industry can address this crisis alone; however, by working together, we can rise to meet the moment.
There are no quick fixes to this multifaceted, systemic set of problems – but participants in the Forum discussed a range of promising short-term opportunities and long-term strategies to make significant progress toward a more stable insurance market, more resilient communities, and more secure residents.