Extreme weather pushing up insurance prices | BBC News

Wildfires, storms, hurricanes and flooding have pushed up costs for the insurance industry.

In the UK, weather damage insurance claims were the worst on record last year, according to the Association of British Insurers.

This massive rise was largely fuelled by the succession of storms that struck the UK last autumn.

In the US, millions of homes in Texas are experiencing power outages in the aftermath of Hurricane Beryl.

#ExtremeWeather #BBCNews

[iamdmc]

Insurance companies use weather as newest excuse to increase your premiums and ensure their record profits for yet another year

[aua.]

It seems that the past is still beyond reach

[DeepFiz]

Rates in the US are already up 30%. Trends show we will be paying another 30-40% higher rates within 2 years.

[Bungle-UK]

Weather is weather - nothing is extreme.

[NoNameNoShame]

what's the point of insurance companies if the state is going to bail them out

[Hana-py-jd]

Please report the wrongdoings of the Japanese Ministry of Finance.

[JimmyTimmy-whdz]

Look heavy rain and people with umbrellas. Amazing!

[codswallop]

Remember that time they tried to monetize weather, yeah and give it branding "extreme weather".

[GhostOnTheHalfShell]

The problem for insurance is one of solvency. Extreme weather destroys property and with increasing frequency and magnitude, all which must by covered. All of our infrastructure, the dams, roads, irrigation systems, our homes and businesses are not designed for a heating world. Insurance is about collateralizing damage risk, but the actual damages must be significantly lower and moderate enough over the cost of living or doing business. This will no longer hold. In short, many areas are economically unviable and insurers must abandon or raise rates until the local economy is insolvent. If the condition is widespread enough, national economies become economically insolvent.

[roxanereddy]

Vermont US
Home insurance went up two hundred dollars a year, due to all the flooding claims. Before a storm the state mandates, no new insurance policies or change in insurance policies. Good luck

[Celtic_Amy]

I'm In Ohio and we are still in a draught despite the tornado weather last night. I had to take shelter 3 times last night. in April there were 8 tornadoes just in south west Ohio. My insurance was up $100 in January, so I'm sure it will go up higher next year.

[Xiety-Craft]

do they actually have to pay out? Its looking like a bad business model if they have to pay

[BayneBoy]

PM of Barbados Mia Mottley made this point. The Caribbean is already being seen as an uninsurable region.

[SheepofTheShepherd-nulz]

actually it's greedy corporate insurance company that is increase rates

[HOLLASOUNDS]

My polly tunnel was ripped to bits and greenhouse damaged, but thats the only problem I have.

[CHMichael]

It might be time to just insure the amount the bank is owned .... and chance the rest.
Might be time for states to start not for profit insurance.... not having to return a profit surely would help

[bradliston]

He's asking these questions at the end if "Would you really want to live there"

Man, you severely underestimate the power of the average Floridians. They'll be 2 meters underwater and still deny any sort of climate change. (half joking)

[TallyRocky]

Yes dude, I would really like to live somewhere where my home will not be destroyed every 10 years which is why I moved to my new home at 8000’ elevation in the Andes. Spring weather all year around, a decent economy and kind people. Houses made of brick and seismically engineered. May the secret bankers (insurance industry) go to h…

[JimmyTimmy-whdz]

Wild fires? Yeah wild fires have been around for hundreds of years but nevermind.

[Xinyouting]

That is a GDP growing trend. It is secured the US is the world largest economy.