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No safety net: Insurance starts to go away Kurt Cobb, originally published by Resource Insights June 15, 2025 The increasing costs of climate-change linked disasters is pushing the insurance industry to the brink. Fire Fighter Memorial, Windsor, Ontario (2025) by Crisco 1492 via Wikimedia Commons https://commons.wikimedia.org/wiki/File:Windsor_Fire_Fighter_Memorial,_Windsor,_Ontario,_2025-05-31_01.jpg "Ever since the words “insurance premium” began appearing on contracts in the Republic of Venice in 1255, modern global trade and now our broader society depend on insurance to mitigate risk of loss to enterprises and individuals for their business and personal property. But as insurers retreat from areas made too risky for them by wildfires, hurricanes and floods supercharged by climate change, it becomes difficult to build new dwellings or continue operating businesses in disaster-prone areas."

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No safety net: Insurance starts to go away Kurt Cobb, originally published by Resource Insights June 15, 2025 The increasing costs of climate-change linked disasters is pushing the insurance industry to the brink. Fire Fighter Memorial, Windsor, Ontario (2025) by Crisco 1492 via Wikimedia Commons https://commons.wikimedia.org/wiki/File:Windsor_Fire_Fighter_Memorial,_Windsor,_Ontario,_2025-05-31_01.jpg "Ever since the words “insurance premium” began appearing on contracts in the Republic of Venice in 1255, modern global trade and now our broader society depend on insurance to mitigate risk of loss to enterprises and individuals for their business and personal property. But as insurers retreat from areas made too risky for them by wildfires, hurricanes and floods supercharged by climate change, it becomes difficult to build new dwellings or continue operating businesses in disaster-prone areas."
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Miss Gayle (missgayle@urbanists.social)'s status on Tuesday, 17-Jun-2025 01:39:53 JST Miss Gayle

This is a way bigger problem than people realize. If you can't afford insurance, or it isn't offered at all for your location, you cannot get a mortgage or a business loan.
The insurance crisis will grind the economy to a screeching halt.
Link: https://www.resilience.org/stories/2025-06-15/no-safety-net-insurance-starts-to-go-away/
"Not only are insurance premiums rising, but insurers are abandoning homeowners altogether with polices declining by 19 percent in the riskiest areas between 2015 and 2023."
#Insurance #Housing #Mortgage #Business #Economy

In conversation about 8 days ago from urbanists.social permalink