<
https://www.forbes.com/sites/davidrvetter/2024/07/22/house-on-fire-why-the-us-has-most-to-lose-in-a-warming-world/>
'Home insurance: unavoidable necessity, or unaffordable luxury?
The answer might depend on where you live. In states like California and
Florida, insurers are pulling out altogether, as climate-related disasters like
floods and wildfires intensify, turning regular business risk into an
impossible gamble. Some firms expect home insurance rates across the country to
rise an inflation-busting 6% this year, with increases of 23% in states with
more severe weather events.
Such brutal spikes are putting the possibility of homeownership even further
out of reach for many first-time buyers. So what's going on?
In the view of reinsurers—the firms that insure the insurance companies—a prime
culprit is climate change. And Swiss Re, the world's second largest reinsurer,
warns that when it comes to property, the U.S. has the most to lose from a
warming planet.
In a report focusing on 36 nations, the firm concludes that "warming
temperatures bring physical repercussions including more intense hazards,
which, in turn, can compound loss outcomes." And with losses of $97 billion
every year, the U.S. is losing more from climate change than any other nation
in absolute terms. Swiss Re further calculates that the threat from all
"weather perils," including floods and tropical cyclones, amounts to 0.38% of
U.S. GDP—not in the future, but right now.'
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
