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The insurance industry is just not making money, according to the Insurance Information Institute. In 2023, insurers paid out $1.11 in claims for every dollar they made in premiums. This year is expected to be the fifth year in a row with underwriting losses, the institute determined.

When these pressures mount to an intolerable level, insurers stop writing new policies, as companies have done in California, Florida and elsewhere.

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#insurance
https://www.bloomberg.com/features/2024-home-loan-mortgage-insurance-climate-risks/

The 30-Year Home Mortgage Isn’t Designed for Climate Chaos

As house-demolishing weather becomes increasingly common, more Americans will find themselves without a safety net.
Polly Mosendz (Bloomberg)
#insurance
MatthewToadAgain
Well worth reading the article though. Good picture of how financial aspects of flood risk (and the failure of most of the systems supposed to protect people from that risk) plays out at an individual level and how it's a huge, increasing risk at the national level. Very US-specific though; while there is some state backed reinsurance-of-last-resort here (UK), government has largely sold off banks nationalized in the financial crisis.

As an interesting article said recently, the climate *is* the economy. Mess with the climate and very soon our abstractions about value fall down too.
Dieser Beitrag wurde bearbeitet. (1 Woche her)
Hugs4friends ♾🇺🇦 🇵🇸😷
The foretelling was more than 15 years ago. The continued insistence of building on flood plain doesn't help, either.
Property insurers' jobs are to assess risk. I wonder what would happen if authorities and developers consulted insurers?🤔 Nah🤨. @AndrewHenry
@Andrew Henry
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