I wouldn’t be surprised if a majority of those casualties in the USA will be in Florida and California.
Many of the major insurance companies stopped issuing new home owners policies in those states because it was no longer profitable or very risky. IIRC, increasing housing costs and frequency of these events was the main reason they pulled out
Yup. The same people who deny science start paying attention once their own money becomes involved.
In Florida, the issue is rising sea levels. If you look at one of those interactive maps showing the effects of a rising sea level, you’ll notice that all of southern Florida is at risk of major flooding.
In California, wildfires are the problem. As the atmosphere gets warmer and rainfall becomes unreliable, forests get drier. Fires will become bigger, spread faster, and be even more frequent.
Neither state will be a profitable place for home insurance companies.
Because when ice melts it turns to water. When lots of ice (the arctic) melts, it turns to water (the ocean). The problem is not only does this raise the sea level (effectively causing the coast to recede inward) but it causes more common and powerful natural disasters which, in turn, wreak havoc on specific parts of the country.
Which states typically face the worst natural disasters? Florida (hurricanes) and California (wildfires). When somebody’s house gets blown or burned away, insurance is supposed to cover the cost. But what happens when the insurance company spends more on paying out claims than it brings in in revenue? It goes out of business.
To avoid going out of business, these insurance companies are looking at market projections that use data attempting to predict future risks, or future likelyhood that they will have to pay out to their clients. Since climate change is only going to make natural disasters more severe, but ALSO more common, the companies are (intelligently) no longer pursuing business sin these states because it they are going to pay out more than they take in. If they stay, they would lose money.
Insurance companies don’t want to offer homeowners insurance in places where mass destruction is likely. It’s just not profitable.
Like other companies, an insurance company generally wants as many customers as possible. If an area is considered so potentially dangerous (and therefore unprofitable) that home insurers are willing to turn business away, it may be too potentially dangerous to live in at all.
I wouldn’t be surprised if a majority of those casualties in the USA will be in Florida and California.
Many of the major insurance companies stopped issuing new home owners policies in those states because it was no longer profitable or very risky. IIRC, increasing housing costs and frequency of these events was the main reason they pulled out
Yup. The same people who deny science start paying attention once their own money becomes involved.
In Florida, the issue is rising sea levels. If you look at one of those interactive maps showing the effects of a rising sea level, you’ll notice that all of southern Florida is at risk of major flooding.
In California, wildfires are the problem. As the atmosphere gets warmer and rainfall becomes unreliable, forests get drier. Fires will become bigger, spread faster, and be even more frequent.
Neither state will be a profitable place for home insurance companies.
How does lack of homeowners insurance translate to excess climate change deaths? Serious question
Because when ice melts it turns to water. When lots of ice (the arctic) melts, it turns to water (the ocean). The problem is not only does this raise the sea level (effectively causing the coast to recede inward) but it causes more common and powerful natural disasters which, in turn, wreak havoc on specific parts of the country.
Which states typically face the worst natural disasters? Florida (hurricanes) and California (wildfires). When somebody’s house gets blown or burned away, insurance is supposed to cover the cost. But what happens when the insurance company spends more on paying out claims than it brings in in revenue? It goes out of business.
To avoid going out of business, these insurance companies are looking at market projections that use data attempting to predict future risks, or future likelyhood that they will have to pay out to their clients. Since climate change is only going to make natural disasters more severe, but ALSO more common, the companies are (intelligently) no longer pursuing business sin these states because it they are going to pay out more than they take in. If they stay, they would lose money.
Edit: “Wreak” havoc, not “Reek”.
It stinks, but not like that!
https://www.merriam-webster.com/dictionary/wreak havoc
Ahhhh should’ve checked! Good call
They insurance price will need to increase in these new risk zoones.
Insurance companies don’t want to offer homeowners insurance in places where mass destruction is likely. It’s just not profitable.
Like other companies, an insurance company generally wants as many customers as possible. If an area is considered so potentially dangerous (and therefore unprofitable) that home insurers are willing to turn business away, it may be too potentially dangerous to live in at all.