A new US Treasury report reveals the escalating impact of climate change on the insurance industry. Soaring premiums, policy cancellations, and shrinking coverage are forcing homeowners, especially in high-risk areas, to grapple with financial instability.
Photograph: Caroline Brehman/EPAPhotograph: Caroline Brehman/EPAClimate crisis is making it harder for insurance companies to operate, with many pausing or withdrawing policies Homeowners in the United States are facing an enormous financial crunch due to the climate crisis, with many struggling to find insurance or even dropping premiums that are soaring due to a mounting toll of wildfires, hurricanes and other disasters, new federal government data shows.
Jones said that while the “future doesn’t look very bright” on acting upon the climate crisis following Trump’s election, the report makes a clear case to cut planet-heating emissions. “This report identifies alarming trends of rising costs of insurance, to consumers and insurers themselves, as well as lack of availability of insurance, all of which threaten the long-term prosperity of American families,” said Janet Yellen, treasury secretary under Biden.
CLIMATE CHANGE INSURANCE HOMEOWNERS PREMIUMS DISASTERS
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