Inflation Drives Insurance Cost Surge As Climate Change Fuels Risk

Insurance costs, including home and auto, have surged in recent years and are contributing to high inflation according to Fed Chair Jerome Powell
Climate change is causing more extreme weather events, leading to higher risk and costs for insurance companies that get passed on to consumers
Insurers are withdrawing from high-risk coastal areas due to catastrophic weather concerns
Car insurance rates are near 50-year highs due to extreme weather, crime, and rising costs of vehicle parts and complexity of repairs
Consumers are paying more for auto insurance due to a "collision" of challenging factors largely out of their control