Climate change is jacking up insurance costs. Freak hurricanes like Helene only make it worse
2 months, 2 weeks ago

Climate change is jacking up insurance costs. Freak hurricanes like Helene only make it worse

Salon  

Hurricane Helene, the climate change-fueled tropical cyclone that pummeled much of the American southeast in late September, has claimed more than 230 lives with some estimates of damages ranging from $30 to 47.5 billion. "With risk levels always changing, and location decisions being long term decisions, the frictions that occur are causing the continued growth of natural disaster risk." Nyce observed that because insurance plays a vital role in our economy as a risk financing tool, reformers need to view it as "only one piece of the climate change puzzle." "We need a solid public private partnership that involves not only insurance, but mortgage lenders, builders, local, state and federal officials to develop a more comprehensive plan to manage natural disaster risk," Nyce said. "With risk levels always changing, and location decisions being long term decisions the frictions that occur are causing the continued growth of natural disaster risk," Nyce said.

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History of this topic

Solutions: As climate change worsens, so too will natural disasters. Here’s how to pay for them
1 month, 1 week ago

Solutions: As climate change worsens, so too will natural disasters. Here’s how to pay for them

LA Times  

These days it’s hard to escape news stories discussing how climate change is contributing to extreme weather disasters, including the recent U.S. hurricanes. At the U.N. climate conference in 2022, participating countries agreed to create a new method — a fund for loss and damage, generally defined as consequences of climate change that go beyond what people are able to …

Opinion: Hurricane misinformation is coming at a dangerous time
2 months ago

Opinion: Hurricane misinformation is coming at a dangerous time

LA Times  

A house toppled off its stilts in the aftermath of Hurricane Milton can be seen alongside an empty lot where a home was swept away by Hurricane Helene in Bradenton Beach on Anna Maria Island, Fla. With about six weeks remaining in this year’s Atlantic hurricane season, we’ve already experienced multiple historic storms, vividly illustrating that as humans have warmed …

The economic impact of Helene and Milton — and who pays for it
2 months ago

The economic impact of Helene and Milton — and who pays for it

Salon  

The 2024 hurricane season could rank among the most expensive after Helene flooded North Carolina in late September and Hurricane Milton hit south Florida about two weeks later. We need your help to stay independent Subscribe today to support Salon's progressive journalism The Federal Emergency Management Agency also provides direct aid to people who apply for assistance following natural disasters. …

Hurricanes Helene, Milton likely to join most costly list: report
2 months, 1 week ago

Hurricanes Helene, Milton likely to join most costly list: report

Salon  

Katrina, Sandy and Harvey are making room for Helene and Milton as some of the most costly hurricanes on record. Related Climate change is jacking up insurance costs Hurricane Andrew in 1992 ranked as the first $50 billion storm. Adam Smith, an economist and meteorologist at NOAA’s National Center for Environmental Information, told the AP he believes Helene and Milton …

No Hurricane Will Make Rich People Leave Florida
54 years, 11 months ago

No Hurricane Will Make Rich People Leave Florida

Slate  

It has been two weeks since the Tampa Bay area experienced what the Tampa Bay Times called its “worst hurricane in a century,” when Hurricane Helene made landfall up the Florida coast. The factors pushing landlords toward a richer slice of the market included “high costs, inadequate or difficult access to recovery resources, and strong market incentives to redevelop existing …

A U.S. climate scientist sees hurricane Helene's devastation firsthand
2 months, 2 weeks ago

A U.S. climate scientist sees hurricane Helene's devastation firsthand

Raw Story  

Carl Schreck spent his career studying tropical storms thousands of miles away from home. But when Hurricane Helene hit the American climate scientist's hometown in North Carolina and flooded several of his friends' homes, the shocking experience made him rethink his research priorities. As another major hurricane, Milton, was barreling toward Florida, a study released Wednesday by the respected World …

Florida twice as likely to be hit by hurricanes like Helene thanks to climate crisis
2 months, 2 weeks ago

Florida twice as likely to be hit by hurricanes like Helene thanks to climate crisis

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Scientists also found that Hurricane Helene’s wind speeds were 11 per cent stronger and its rainfall totals were 10 …

The Hurricane Helene devastation in Asheville confirms we can't hide from climate change
2 months, 3 weeks ago

The Hurricane Helene devastation in Asheville confirms we can't hide from climate change

Salon  

People are still reeling from the devastation Hurricane Helene left behind, with some wondering why the storm was so intense. "Tragically, those who are least responsible for climate change are the ones most at risk: namely low income people in low income countries in the global south." "No where is 'safe' from climate change — but of course many people …

Hurricane Helene poses a major test for Florida’s battered insurance market
2 months, 4 weeks ago

Hurricane Helene poses a major test for Florida’s battered insurance market

Politico  

So far, however, insurance industry officials and even Gov. They also have adequate levels of reinsurance to handle large loss events like a major hurricane.” DeSantis echoed that sentiment earlier this week and pointed out that the market did not react badly after Hurricane Idalia plowed through north Florida last year. “People wouldn’t be making the investments if they didn’t …

Climate change is fuelling the US insurance problem
9 months ago

Climate change is fuelling the US insurance problem

BBC  

Climate change is fuelling the US insurance problem Getty Images Extreme weather events are making it hard to insure homes in certain parts of the US. "If you're not worried, you're not paying attention," California Senator Bill Dodd warned in 2023, following the release of a report which found Florida, California and Louisiana would see dramatic rises in home insurance …

Climate change is fuelling the US insurance problem
9 months, 1 week ago

Climate change is fuelling the US insurance problem

BBC  

Climate change is fuelling the US insurance problem Getty Images Extreme weather events are making it hard to insure homes in certain parts of the US. "If you're not worried, you're not paying attention," California Senator Bill Dodd warned in 2023, following the release of a report which found Florida, California and Louisiana would see dramatic rises in home insurance …

Insurance crisis leaves homeowners vulnerable in hurricane-prone Louisiana
10 months ago

Insurance crisis leaves homeowners vulnerable in hurricane-prone Louisiana

Al Jazeera  

Since the 2020 hurricanes, nine insurers became insolvent in the US state of Louisiana within a couple of years. Risky business models “We built way too many houses in really dangerous places,” said Edward Richards, an emeritus professor at Louisiana State University who focuses on insurance and extreme weather. In 2005, State Farm and Allstate had the largest market share …

Column: Time to panic? The home insurance market in California is collapsing because of climate change
1 year, 3 months ago

Column: Time to panic? The home insurance market in California is collapsing because of climate change

LA Times  

As another legislative session draws to a close in Sacramento, the problem lawmakers failed to fix is one of the most urgent facing Californians: the slow-moving collapse of the property insurance market as costs from climate disasters mount. Throughout the United States, in different geographies, we’re reaching a point where climate change is driving to an uninsurable future,” said Dave …

Unprecedented damage from storms is upending the insurance industry
1 year, 4 months ago

Unprecedented damage from storms is upending the insurance industry

LA Times  

A person stands outside a damaged home after a tornado hit May 13 in the unincorporated community of Laguna Heights, Texas. “The effects of climate change can already be seen in certain perils like heatwaves, droughts, floods and extreme precipitation,” Swiss Re Group Chief Economist Jérôme Jean Haegeli said in a statement. “Besides the impact of climate change, land use …

Insurance firms need more climate change information. Scientists say they can help
1 year, 7 months ago

Insurance firms need more climate change information. Scientists say they can help

NPR  

Insurance firms need more climate change information. Insurance companies are worried about climate change Kapnick says she has heard from insurance companies that are increasingly concerned that they don't have sufficient information to accurately assess what the future holds. "Climate change is a significant concern to the property casualty insurance industry as our nation faces the prospect of increased frequency …

How climate change is pushing insurance stress to new extremes
2 years, 4 months ago

How climate change is pushing insurance stress to new extremes

ABC  

It was 2:30am when the floodwaters seeped through the back door and into John and Dorothy McFadden's North Lismore home. One in 10 pushed to the brink One million households in Australia already face "extreme" levels of insurance stress and will bear the brunt of future premium hikes driven by climate change, new research has warned. Vulnerable households – defined …

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