New Project: Examining Community Needs for Reciprocal Parametric Insurance

As natural hazards are becoming more frequent, insurance companies are withdrawing from high-risk areas in the United States, leaving homeowners without adequate financial protection. While parametric insurance presents a potential solution by offering rapid payouts based on predefined hazard triggers, its adoption by communities and households remains limited due to multiple factors, including potential misalignment between what payouts are provided and community expectations. This study aims to explore the feasibility of reciprocal parametric insurance at the community level, working with households, business owners, and city planners in Sarasota, FL.