Home insurers are increasingly pulling out of California and Florida due to rising construction costs, growing catastrophe exposure, a challenging reinsurance market, and insurance companies facing higher costs from extreme events, leading to concerns over homeowners insurance availability and costs and potentially impacting housing markets in both states.
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.
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.
Insurance companies are struggling to keep up with the rising prevalence of natural disasters and the potential for catastrophic losses.
More Americans are choosing not to buy home insurance due to rising premiums, putting them at significant risk of losing their homes and belongings in case of a disaster, with factors such as inflation and climate change being blamed, and those with lower incomes being more likely to go without coverage.
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.
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.
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.
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.
Deadly wildfires in Hawaii and a historic hurricane in Florida have caused significant damage and brought insurance risks to homeowners' attention, leading insurers to reconsider their risk exposure and potentially leave certain markets, creating an affordability crisis for insurance.
A record 23 billion-dollar disasters in the United States so far this year highlight the country's struggle to adapt to the effects of climate change and the limitations of its defenses, with growing costs from disasters reflecting not only global warming but also the limitations of the federal government's efforts to increase resilience and the challenges of implementing stricter building codes.
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.
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.
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.
Climate-related disasters in the US since 1980 that exceeded $1 billion in damage have had a profound economic impact, but they don't fully capture the hidden costs, such as mental and physical trauma, environmental damage, and supply-chain disruptions that people are paying for, as extreme weather events become more frequent and intense due to climate change.
The increase in hazardous areas, climate change, and bad policy have led to a growing number of properties in America becoming uninsurable, with insurers pulling out of vulnerable areas and homeowners facing rising rates and canceled policies.
A non-profit research group has found that nearly a quarter of all properties in the continental United States are overvalued due to a climate-insurance bubble inflated by government subsidization, with private insurers leaving risky markets and homeowners turning to state-backed insurers of last resort; policymakers should allow private insurers to set actuarially sound rates to deter reckless building and ensure the financial burden of living in high-risk areas is shouldered by those who enjoy the benefits.
Humanity is being subjected to fearmongering and alarmism by global elites regarding climate change, despite the fact that catastrophic climate predictions have consistently been proven wrong, and data shows that wildfire rates have declined since 2001, hurricanes are becoming less frequent, and climate-related deaths are down 99% worldwide over the past 100 years.
The increasing frequency of extreme weather events and natural disasters is driving more travelers to purchase travel insurance to protect against trip cancellations, lost luggage, and delays, leading to a boost in the travel insurance market.
The U.S. home insurance market is facing a crisis as policy premiums skyrocket and private insurers withdraw from high-risk states, leaving millions of homeowners at risk of inadequate coverage.
Insurers are becoming more risk averse in Massachusetts, rejecting properties near the water, older homes, and properties with past claims, leading to price increases and nonrenewals due to climate change, inflation, and rising reinsurance rates.
