Topics

Posted 8/30/2023, 10:09:00 PM

Climate change raising risks of financial disaster for homeowners, insurers and bankers

The increasing risks of extreme weather events from climate change are causing insurance companies to raise rates and pull back from high-risk areas, which could potentially lead to losses for banks that rely on insurance-backed collateral for loans.

thehill.com

Relevant topic timeline:

8/23/2023

Report Warns 'Today's Climate Crisis Is Tomorrow's Banking Crisis'

Insurance companies facing bankruptcy due to climate disasters are a warning sign of an impending banking crisis, and urgent action is needed from regulators to prevent financial crashes and costly bailouts.

8/24/2023

A 40% rout in Apple bonds is signaling trouble for bank balance sheets with big debt holdings, markets guru Larry McDonald says

Banks face risks from their debt portfolios, especially mortgage-backed securities, as highlighted by the 40% drop in Apple's bonds due to interest-rate increases by the Federal Reserve, according to Larry McDonald.

8/24/2023

Utilities Are Becoming a Risky Business Thanks to Climate Change

Investor-owned utilities in wildfire-prone areas are facing increasing financial risks and potential bankruptcy due to damages caused by wildfires, highlighting the need for investors to reassess climate-related risks and for businesses to adapt their operations to mitigate such risks.

8/26/2023

Are We Ready for a $100 Billion Catastrophe? How About $200 Billion?

Insurance companies are struggling to keep up with the rising prevalence of natural disasters and the potential for catastrophic losses.

8/30/2023

How to buy a home insurance policy in era of climate risk and more frequent disasters

Frequent weather catastrophes, fueled by climate change, are causing disruptions in the home insurance market, with insurers pulling out of high-risk areas, raising prices, and reducing coverage, leading to tougher choices and higher costs for consumers.

8/31/2023

Florida-only insurers weather Hurricane Idalia amid market pullback

Florida-only insurers like Citizens Property Insurance expect less damage and fewer claims from Hurricane Idalia compared to previous storms, easing concerns of further market pullback, but industry experts still predict challenges for the insurance market and the possibility of increased premiums for customers.

9/7/2023

Senators take up looming insurance crisis as policy issuers flee Florida and California

Rising insurance premiums, caused by climate change and insurers pulling out of coverage areas, will disproportionately affect low-income policyholders and hinder disaster recovery efforts in heavily affected regions.

9/18/2023

Rising Interest Rates Put Pressure on Borrowers, But Outlook for Rates Remains Uncertain

Rising interest rates caused by the steepest monetary tightening campaign in a generation are causing financial distress for borrowers worldwide, threatening the survival of businesses and forcing individuals to consider selling assets or cut back on expenses.

9/20/2023

Climate Change Drives Home Insurance Crisis in U.S. as Rates Soar and Coverage Vanishes

Millions of American homeowners are facing increasing insurance costs and reduced coverage due to climate change-related risks, with properties in high-risk areas potentially becoming overvalued as insurance underprices the risk, according to a new analysis from the First Street Foundation.

9/20/2023

Extreme Weather Drives Insurers to Abandon Homes Across Coasts and Inland

The risk of insurance coverage changes due to climate-related events is high in coastal regions and is increasing in non-coastal areas, leading to potential financial hardships for homeowners.

9/20/2023

Climate Change Drives Up Insurance Costs and Availability in Florida as Extreme Weather Risks Rise

A new study warns of a looming "climate insurance bubble" in Florida, which could result in rising insurance rates and declining property values due to the increasing risks of hurricanes and other climate-driven disasters.

Topics

Posted 8/30/2023, 10:09:00 PM

Climate change raising risks of financial disaster for homeowners, insurers and bankers

thehill.com

Relevant topic timeline:

8/23/2023

Report Warns 'Today's Climate Crisis Is Tomorrow's Banking Crisis'

8/24/2023

A 40% rout in Apple bonds is signaling trouble for bank balance sheets with big debt holdings, markets guru Larry McDonald says

8/24/2023

Utilities Are Becoming a Risky Business Thanks to Climate Change

8/26/2023

Are We Ready for a $100 Billion Catastrophe? How About $200 Billion?

Insurance companies are struggling to keep up with the rising prevalence of natural disasters and the potential for catastrophic losses.

8/30/2023

How to buy a home insurance policy in era of climate risk and more frequent disasters

8/31/2023

Florida-only insurers weather Hurricane Idalia amid market pullback

9/7/2023

Senators take up looming insurance crisis as policy issuers flee Florida and California

9/18/2023

Rising Interest Rates Put Pressure on Borrowers, But Outlook for Rates Remains Uncertain

9/20/2023

Climate Change Drives Home Insurance Crisis in U.S. as Rates Soar and Coverage Vanishes

9/20/2023

Extreme Weather Drives Insurers to Abandon Homes Across Coasts and Inland

The risk of insurance coverage changes due to climate-related events is high in coastal regions and is increasing in non-coastal areas, leading to potential financial hardships for homeowners.

9/20/2023

Climate Change Drives Up Insurance Costs and Availability in Florida as Extreme Weather Risks Rise