Westfield Expands Its Flood Protection Options and Donates $750,000 for Disaster Recovery Support
In response to the increasing frequency and severity of flooding incidents, Westfield, a prominent global property and casualty insurance provider, is stepping up its efforts to protect homeowners. The company has recently announced an expansion of its flood protection services, aimed at addressing the needs of U.S. homeowners who live outside historically high-risk flood zones. This expansion includes a new add-on for inland flood coverage, which is designed to mitigate the insurance gap that homeowners face when encountering unexpected flooding.
According to data from the Federal Emergency Management Agency (FEMA), a startling 40% of flood insurance claims originate from areas not classified as high-risk flood zones. This statistic underscores the necessity for comprehensive flood protection, especially as weather patterns become more unpredictable. Steve Butler, the Assistant Vice President of Personal Lines Product Management and Underwriting at Westfield, highlighted the critical nature of this initiative. He stressed that flooding is not confined to FEMA-designated high-risk areas anymore, and homeowners require solutions that can provide them with peace of mind and financial security.
Developed with insights from a global reinsurance company, this new affordable inland flood coverage aims to offer relief to homeowners who might be affected by flash floods—events that have become increasingly common in regions that were traditionally deemed low risk. The goal is to enable these individuals to recover effectively from flooding events, ensuring their financial stability and reducing the stress associated with sudden natural disasters.
In addition to enhancing its insurance offerings, Westfield is also demonstrating its commitment to rebuilding affected communities through philanthropy. The company has pledged a generous donation of $750,000 to the Center for Disaster Philanthropy (CDP), continuing a long-standing trend of financial support for communities recovering from disasters. Since 2016, Westfield's total contributions through CDP have exceeded $3.5 million, confirming its dedication to aiding disaster response and recovery.
$500,000 of the recent donation will go toward flood recovery and mitigation initiatives throughout the U.S., while the remaining $250,000 will support flood-related needs via the Atlantic Hurricane Season Fund. Patricia McIlreavy, the president and CEO of CDP, expressed gratitude for Westfield’s support, stating that their funding plays a vital role in helping flood survivors with essential services such as rebuilding homes and providing mental health support.
Westfield’s continued commitment to disaster recovery is evident in its approach to funding. Through its endowed private foundation, the company allocates $3.5 million annually to various nonprofits that work collaboratively with insurance mechanisms, addressing the needs of individuals, families, and businesses striving for stability after disasters.
As flooding becomes an increasingly common challenge for many communities across the country, Westfield is taking a proactive stance, combining innovative insurance solutions with significant philanthropic efforts. This dual approach not only aids homeowners now but also fosters resilience in communities facing the reality of climate change and extreme weather.
About Westfield: Founded in 1848, Westfield has built a strong reputation in property and casualty insurance, providing innovative solutions through a broad range of insurance products. The company serves its clients via a network of independent agents and brokers in the United States while also offering specialized products through the Lloyd's of London Syndicate 1200. With nearly 3,000 employees, Westfield is a mutual insurance company boasting revenues exceeding $4 billion and over $11 billion in assets. For more information, visit Westfield Insurance.
About Center for Disaster Philanthropy: The Center for Disaster Philanthropy (CDP) is dedicated to enhancing communities' resilience to disasters and ensuring equitable recovery for those affected. The organization mobilizes philanthropic support, providing resources and expertise to facilitate effective disaster response through targeted, localized grantmaking. Discover more at disasterphilanthropy.org.
According to data from the Federal Emergency Management Agency (FEMA), a startling 40% of flood insurance claims originate from areas not classified as high-risk flood zones. This statistic underscores the necessity for comprehensive flood protection, especially as weather patterns become more unpredictable. Steve Butler, the Assistant Vice President of Personal Lines Product Management and Underwriting at Westfield, highlighted the critical nature of this initiative. He stressed that flooding is not confined to FEMA-designated high-risk areas anymore, and homeowners require solutions that can provide them with peace of mind and financial security.
Developed with insights from a global reinsurance company, this new affordable inland flood coverage aims to offer relief to homeowners who might be affected by flash floods—events that have become increasingly common in regions that were traditionally deemed low risk. The goal is to enable these individuals to recover effectively from flooding events, ensuring their financial stability and reducing the stress associated with sudden natural disasters.
In addition to enhancing its insurance offerings, Westfield is also demonstrating its commitment to rebuilding affected communities through philanthropy. The company has pledged a generous donation of $750,000 to the Center for Disaster Philanthropy (CDP), continuing a long-standing trend of financial support for communities recovering from disasters. Since 2016, Westfield's total contributions through CDP have exceeded $3.5 million, confirming its dedication to aiding disaster response and recovery.
$500,000 of the recent donation will go toward flood recovery and mitigation initiatives throughout the U.S., while the remaining $250,000 will support flood-related needs via the Atlantic Hurricane Season Fund. Patricia McIlreavy, the president and CEO of CDP, expressed gratitude for Westfield’s support, stating that their funding plays a vital role in helping flood survivors with essential services such as rebuilding homes and providing mental health support.
Westfield’s continued commitment to disaster recovery is evident in its approach to funding. Through its endowed private foundation, the company allocates $3.5 million annually to various nonprofits that work collaboratively with insurance mechanisms, addressing the needs of individuals, families, and businesses striving for stability after disasters.
As flooding becomes an increasingly common challenge for many communities across the country, Westfield is taking a proactive stance, combining innovative insurance solutions with significant philanthropic efforts. This dual approach not only aids homeowners now but also fosters resilience in communities facing the reality of climate change and extreme weather.
About Westfield: Founded in 1848, Westfield has built a strong reputation in property and casualty insurance, providing innovative solutions through a broad range of insurance products. The company serves its clients via a network of independent agents and brokers in the United States while also offering specialized products through the Lloyd's of London Syndicate 1200. With nearly 3,000 employees, Westfield is a mutual insurance company boasting revenues exceeding $4 billion and over $11 billion in assets. For more information, visit Westfield Insurance.
About Center for Disaster Philanthropy: The Center for Disaster Philanthropy (CDP) is dedicated to enhancing communities' resilience to disasters and ensuring equitable recovery for those affected. The organization mobilizes philanthropic support, providing resources and expertise to facilitate effective disaster response through targeted, localized grantmaking. Discover more at disasterphilanthropy.org.
Topics Financial Services & Investing）
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