'This growing unseen and unacknowledged banking crisis is going to become visible soon as the climate-related disasters and losses pile up and insurance companies continue to go bankrupt.'
"This growing unseen and unacknowledged banking crisis is going to become visible soon as the climate-related disasters and losses pile up and insurance companies continue to go bankrupt.
That tally notably does not include the Hawaiian island of Maui, where a wildfire spread by hurricane-force winds leveled Lahaina, killing at least 115 people and"The number of insurance companies going bankrupt, withdrawing from states, limiting coverage, and significantly raising premiums is increasing by the day," the publication continues.
"There's a major untold story behind the unprecedented climate disasters pummeling the country and capturing the headlines: Today's climate crisis is tomorrow's banking crisis," said report author and Better Markets CEO Dennis Kelleher, who criticized federal regulators' lack of action.
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