On May 20, the Jefferson Parish Council passed Resolution No. 148563.  The resolution was added to the agenda by Councilman Scott Walker and seconded by Councilwoman Jennifer Van Vrancken, a longstanding CSFI partner.

The resolution acknowledges Jefferson Parish residents’ insurance cost pressures, per “Property Insurance and Disaster Risk: New Evidence from Mortgage Escrow Data” NBER Working Paper, the average Jefferson Parish homeonwers’ insurance premium is $5,790, the thirteenth highest average premium of all counties nationally.  Per CSFI’s analysis of National Flood Insurance Program (NFIP) data, the average Jefferson Parish premium under Risk Rating 2.0 is $2,155.00, a 150.5% increase from legacy rates.

The resolution discusses the bipartisan “Commission on Natural Disaster Risk Management and Insurance Act,” was introduced in the House of Representative as H.R.8439.  Among other responsibilities, the Commission would assess “current efforts of States, communities, and individuals to mitigate their natural disaster risks, including the affordability and effectiveness of such mitigation,” “the current condition of, as well as the outlook for, the availability and affordability of property and casualty insurance in all regions of the country and an analysis of factors that may be adversely impacting such availability and affordability,” and “the appropriate role, if any, for the Federal Government in the stabilization of property and casualty insurance, reinsurance, or other impacted markets following catastrophic loss events.”

The resolution passed unanimously, thereby endorsing the Commission on Natural Disaster Risk Management and Insurance Act and urging action by the 119^th Congress to enact the bill.  Furthermore, with adoption, the Parish of Jefferson has become a “thought partner” to CSFI’s “Policy Options for a Natural Catastrophe Insurance Program” white paper.

CSFI thanks the Jefferson Parish Council for their ongoing partnership and support.