Insurance industry reform call by Hillary Clinton at COP28 climate panel

Insurance industry - The word Reform

The former US Secretary of State said that it’s time for countries to “rethink” the coverage sector. Former US Secretary of State Hillary Clinton spoke at a COP28 climate panel at the start of this month, calling for insurance industry reforms. The purpose is to address the sector’s issues as insurers increasingly withdraw protection against climate perils. Among the countries and people most impacted by climate change are those in lower-income nations. They also face the greatest struggle to access coverage to protect themselves against economic effects. “We need to…

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Holiday season travelers are purchasing travel insurance for many reasons

Travel insurance - Airplane holiday travel

Whether they’re visiting family, going on a winter adventure, or getting away from it all, travel insurance coverage matters. Though heading on a trip during the winter can be a fantastic way to get together with those you love or get away from everyday life, travel insurance is increasingly valued to help protect against the many risks and challenges that can go with heading away from home. Though there are risks to trips at any time of the year, winter comes with its own bundle of hazards. It doesn’t take…

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Florida’s top earners pay hundreds of thousands in homeowners insurance premiums

Homeowners insurance - Raining Money - Umbrella

Some billionaires in the state are paying as much as $622,000 per year for property coverage. Florida’s mega rich may own massive properties and huge mansions, but this doesn’t mean that they are able to escape the skyrocketing homeowners insurance premiums the state has been facing. In fact, billionaires in the state are paying hundreds of thousands of dollars for their coverage. According to a recent Bloomberg report, owners of some of the largest mansions and properties in the state are paying massive homeowners insurance premiums every year. The report…

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Insurance companies face probe into fossil fuel industry funding behaviors

Insurance Companies - Fossil Fuel Investments

US lawmakers are investigating a possible contradiction in investments made by insurers. Insurance companies have been whittling down the coverage they provide in states facing extreme climate risks because the risks in those locations are considered to be too costly for their businesses to survive. However, lawmakers say several insurers are making these claims despite continuing to invest in fossil fuels. US lawmakers have therefore launched an investigation into seven large US insurance companies for pointing to climate change as a reason for reducing coverage in certain states, while continuing…

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Nature Conservancy adds $2 million insurance coverage for Hawaii’s coral reefs

Insurance coverage - Coral Reefs in Hawaii

The Central Pacific hurricane season is already underway, and the state is preparing for damage. The Central Pacific hurricane season has started, and this year, the Nature Conservancy has purchased $2 million in insurance coverage to protect against potential damage to the coral reefs in Hawaii. This represents the first time the Nature Conservancy has purchased this type of policy. This insurance coverage is the first of its kind in the United States, in an important move that acknowledges the impact of climate change on increasingly common and destructive hurricanes…

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