Large wildfires started by power lines and other utility equipment were, not that long ago, considered something that happened mostly in California. But these disasters are increasingly happening in many more places as forces turbocharged by climate change like extreme heat and drought wreak havoc on electric grids that were not built or upgraded to withstand them.
Tag: climate change
U.S. Treasury Drops Plan to Collect Insurer Data on Climate Risks
The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort with state insurance regulators.
In Florida, Skyrocketing Insurance Rates Test Resolve of Homeowners in Risky Areas
In the last seven years Florida has weathered five major hurricanes. Michael, which made landfall in 2018 in the Panhandle, was the first category 5 hurricane to strike the continental United States since Andrew in 1992. Ian, in 2022, was the costliest hurricane in state history and third-costliest on record nationwide, after Katrina in 2005 and Harvey in 2017. Recent major Florida hurricanes also include Irma in 2017, Nicole in 2022 and Idalia in 2023.
Allianz CEO Eyes Rising Threats as Weather Losses Dent P/C Segment
Natural catastrophe losses hit the 2023 property/casualty profit for Allianz SE in 2023 but the group reported higher income in all of its segments, while watching rising economic, technology and geopolitical threats, its chief executive officer said.
Climate Change Has Hit Home Insurance. Is Health Insurance Next?
Climate change is making house insurance more expensive and harder to get. Health insurance could be next, as research shows extreme heat and wildfires are putting more people in the hospital.
FEMA Expands Weather Disaster Aid, Citing Climate Change
The agency on Friday announced changes that seek to make it easier for more Americans who face damage to their homes or businesses to get federal funding in the wake of a disaster.
Chubb Report Offers Insight on Mindset of the Wealthy, Their Passions and Protecting What Matters
A new survey from Chubb finds that more than three-quarters of wealthy Americans and Canadians believe damage from severe weather stemming from climate change poses the biggest threat to their home.
Insured Global Losses Hit $95 Billion: Munich Re
Worldwide, natural disasters in 2023 resulted in losses of around $250bn (previous year $250bn), with insured losses of $95bn (previous year $125bn). Overall losses tally with the five-year average, while insured losses were slightly below the average figure of $105bn.
The Crisis Facing Buyers of Home and Auto Insurance
For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.
New Study: People Are Leaving Some Neighborhoods Due to Floods
Hundreds of thousands of neighborhoods in the United States are seeing population decline as a result of flooding, new research suggests. Those neighborhoods are often located in areas that are growing in population overall, including parts of Florida, Texas and the region around Washington, D.C.