Insurance companies are feeling the heat of climate crisis | GZERO World with Ian Bremmer

Insurance companies are raising rates in high-risk areas like California, warning that soon, the state may be impossible to insure altogether.

To understand how bad the problem of climate change has become, it helps to follow the money.

On GZERO World, Ian Bremmer breaks down the impact of climate change on property insurance premiums, which effectively quantifies the growing risk of catastrophic weather events. Last year alone, extreme weather damage cost the world a staggering $165 billion. Formerly once-in-a-generation weather events like the California wildfires of 2017 or Hurricane Harvey in 2018 are becoming more and more common, leading to devastating financial consequences for homeowners and hikes in insurance premiums.

Insurance companies are raising rates in high-risk areas like California, warning that soon, the state may be impossible to insure altogether. It’s another reminder that even though climate change has become a political issue, those with a financial interest in the impact of extreme weather can’t afford to be complacent. Sometimes, the coolest head in the room is the one stuck in the sand.

Watch the full interview on GZERO World: Climate change: are we overreacting?

#GZEROWorld #Insurance #ClimateChange

[boxelder]

You know it’s true when Google puts the Wikipedia tag in there for context. Can’t have people thinking that inflation, the tripling of construction costs, the doubling of automobile prices, etc are impacting insurance costs. Nope, it’s your fault. It’s not the mismanagement of forests, it’s not the growth of housing in high risk areas, it’s not natural climate fluctuations that have happened throughout the past due to the sun, it’s not the fact that the house that was built in 1960 for $8, 000 now costs $240, 000 to build or the car that was $3000 new is now $98, 000. Nope. It’s all you.

Solution? Give the politicians more power and more money so they can fly around the world in their private jets and tell people they need to stop cooking their own food, stop farming, and start eating bugs.

Why didn’t you just eat the bugs? Do you want the insurance companies to go broke? Don’t ask them if they paid for floods to people who didn’t have flood insurance. Don’t ask them to show their numbers for crime and arson. Feel bad for them because you are bad. Shame on you.