Tag: climate change

Can Insurance Companies Help Fight Global Warming with Incentives?

Logan B.
Insurance Companies - Global Warming Incentives

In an era when climate change poses significant risks, the role of insurance companies is becoming increasingly dynamic. With natural disasters on the rise, leading to soaring claims and heightened premiums, there is burgeoning interest in incentives that promote environmental sustainability. Notably, some insurance providers are strategically mitigating risk while advocating for greener choices by offering discounts and incentives that encourage consumers to adopt eco-friendly practices. Innovative Incentives by Insurance Companies for Environmental Sustainability Mercury Insurance stands at the forefront of promoting environmental responsibility, offering a Green Home discount up…

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Unraveling Florida’s Insurance Exodus: Weather or More?

G. Turner
florida insurance

Florida, a state synonymous with sun-kissed beaches and, unfortunately, hurricanes, is caught in a whirlwind of an insurance crisis. Insurance companies seem to be abandoning ship despite a 2023 mild hurricane season. The exodus begs the question: What’s really prompting these insurers to run for the hills? Weather Warnings vs. Reality The threat of hurricanes has long cast a shadow over the sunshine state, prompting persistent fears that insurers are dwindling due to natural disasters. And indeed, the increased risk of such events has influenced insurers’ decisions. But to attribute…

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House Committee Gives Green Light to Wildfire Insurance Coverage Study

Loreen
wildfire insurance study act

Setting Opinions Aside: An Objective Look at Wildfire Insurance In the wake of devastating wildfires across the country, the House Financial Services Committee has taken a significant step towards addressing the growing concern over insurance coverage for damages resulting from such disasters. With a strong bipartisan backing, the committee has forwarded a bill that mandates a comprehensive study on the state of wildfire insurance. Rep. Patrick McHenry, R-N.C. and chair of the committee, emphasized that the conversation about wildfires must transcend the usual debate on climate change, focusing on observable…

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Is the federal crop insurance program keeping up with climate change?

Logan B.
Crop insurance - A person touching wheat

Few changes have been made in the program despite rising risks associated with global warming. Risk has always been a part of farming, particularly due to its dependence on the weather in any given season or year, and crop insurance has become a key part of the survival of many farms across the United States. That said, risks associated with weather have been changing, but the program has altered very little. The massive federal crop insurance program has helped farmers to ensure their businesses survive in times of flooding, drought,…

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Insurance and Technology: The Rise of Insurtech

Guest Author
insurtech insurance technology

The insurance industry, traditionally viewed as conservative and slow to adapt to change, is undergoing a dramatic transformation thanks to technology. This fusion of insurance with technology, known as ‘Insurtech’, is reshaping the landscape of insurance offerings, customer service, and business models. The Evolution of Insurtech Insurtech began as a response to the digital revolution that has swept across other sectors. Today, it represents a broad range of applications: from artificial intelligence and machine learning for underwriting and fraud detection, to blockchain for secure and transparent transactions, and the Internet…

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