Due to the unpredictable risks posed by climate change, insurance companies are incurring massive losses and retreating from high-risk areas, leaving state-sponsored insurance companies and ultimately taxpayers to shoulder the costs.
. Of the remaining companies, many are Florida-only insurers and six of those became insolvent last year. Thirty Florida-only companies are being watched closely by state regulators because of fears they might become insolvent.have led three large insurers to stop writing new policies for homeowners
Naturally, states want to keep insurance available and affordable for their citizens. So, many have opened their own property and casualty insurance companies to fill the gap left behind by private insurers. Problem is, those state-sponsored insurance companies face the same risks as the exiting private companies.
Earlier this month reinsurers upped their rates for U.S. property and casualty insurers by as much at 50 percentOf course, the rest of the world is experiencing huge losses due to climate change-enhanced severe weather, too. Examples include The intersection between the prices buyers of insurance are willing or able to pay and the prices insurers need to stay solvent must of necessity shrink. And, the reluctance of insurers to take on risk they can no longer understand is already making private insurance less available. That means more and more people may go without insurance in an increasingly risky environment.
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