Insurers are raising premiums and are cutting back coverage because of more damaging storms and wildfires, made worse by climate change. They insure the fossil-fuel producers whose products are blamed for causing climate change. And, as big investors, they fund these same companies. Most try to promote their climate bona fides.
Tag: catastrophes
Climate Shocks Are Making Parts of America Uninsurable
Insurance companies, tired of losing money, are raising rates, restricting coverage or pulling out of some areas altogether — making it more expensive for people to live in their homes.
Allstate Reports Q1 Net Loss Driven by $1.69B Catastrophe Hit
Allstate Corporation has reported a net loss of $346 million in Q1 of this year, compared to a net income of $634 million in the same quarter of 2022.
Swiss Re: Disasters Caused a Total of $122B in Insured Losses in 2022
Natural and man-made disasters caused $268 billion in economic damage, of which $122 billion was covered by insurance.
Report: 90% of U.S. Counties Hit with a Disaster in Last 10 Years
According to a report by Rebuild by Design, 90% of counties in the United States experienced a weather disaster between 2011 and 2021.
Homeowners Segment Well Capitalized but Weather Events Pose Significant Uncertainty: AM Best
The homeowners insurance segment in the United States has generated operating profits in three of the last five years, with a net profit of nearly $2.5 billion expected in 2021. However, according to a new AM Best report, the segment could face challenges, with Hurricane Ian affecting 2022 results. “U.S. Homeowners Line Well Capitalized but… Continue reading Homeowners Segment Well Capitalized but Weather Events Pose Significant Uncertainty: AM Best
FEMA to Launch Initiative to Modernize Building Codes in Cat-Resiliency Effort
On this first day of the Atlantic hurricane season, federal officials are launching a new initiative to modernize building codes so that communities can be more resilient to hurricanes, flooding, wildfires, and other extreme weather events that are intensifying due to climate change. Deanne Criswell, the administrator for the Federal Emergency Management Agency (FEMA), and… Continue reading FEMA to Launch Initiative to Modernize Building Codes in Cat-Resiliency Effort
Shutdown Damage Will Persist Long After U.S. Government Reopens
The government may be reopening, but the consequences of the longest federal shutdown in U.S. history are likely to linger for national parks, forests, the federal workforce and cutting-edge scientific research. Some may even be permanent. Many fire crews missed their window for controlled burns to prevent wildfires. Irreplaceable relics may have been damaged in… Continue reading Shutdown Damage Will Persist Long After U.S. Government Reopens
U.N. Panel Warns Drastic Action Needed to Stave Off Climate Change
Rapid, far-reaching changes to almost every facet of society are needed to avoid catastrophic climate change, reforms far beyond anything governments are currently either doing or planning to do, according to a report from a United Nations-led scientific panel. The Intergovernmental Panel on Climate Change made the pronouncement as part of its assessment of climate… Continue reading U.N. Panel Warns Drastic Action Needed to Stave Off Climate Change
California 2018 Fire Insurance Claims Top $845 Million
California Insurance Commissioner Dave Jones today announced that insured residential and commercial losses from the Carr and Mendocino Complex fires top $845 million and are now counted among the most destructive wildfires in the state’s history. The insurance commissioner also provided an update on the insured losses from the 2017 wildfires and 2018 Montecito mudslides… Continue reading California 2018 Fire Insurance Claims Top $845 Million