in the US as of August 8, 2023. That was before Hurricane Idalia, the damage costs of which are still being calculated. Losses are almost certain to exceed 2022 amounts.
In 2022, the FIO submitted a proposal to assess any related effects on insurance affordability for policyholders. This data is critical information needed to assess climate risks but is yet to be distributed.
The Senators asked the agency to respond to a list of questions by the end of the month about its plan to solicit data from major insurers “to better assess the impact of climate change on insurance availability and affordability, including in communities that are most vulnerable to the effects of climate change.
It is all too easy for insurance companies to claim that a lack of profitability makes insuring climate-induced high risk properties untenable. But to neglect to take responsibility for the contributions the insurance industry has had to the climate crisis through theirRather shockingly, one source the Senators cited to make their case was thefrom August, 2023, which revealed a major untold story behind the climate crisis: today’s climate disaster is tomorrow’s banking crisis.