Insurance rates countrywide could be impacted by extreme weather trends

October 3, 2023October 2, 2023 H. Cutner

Millions of people across the country are already facing higher rates due to natural disaster risks. Across the United States, millions of homeowners have been watching their insurance rates climb in recent years due to the spiking risk of high winds, floods and wildfires, said a new analysis. Around 12 million US properties could see increases to their premiums due to flood risk alone. Almost 24 million properties will experience higher insurance rates because of the risk of wind damage, and about 4.4 million property owners will need to pay…

Nature Conservancy purchases an insurance policy to cover Hawaii’s coral reefs

November 23, 2022November 22, 2022 Julie Campbell

The nonprofit is the first organization to obtain coverage for the coral’s repair following coastal storms. Coastal storms in Hawaii have been damaging already threatened coral reefs and the Nature Conservancy nonprofit has now purchased an insurance policy to repair that damage. State officials cannot afford to implement the repairs that the coverage will pay the nonprofit to do. This first-of-its-kind insurance policy approach to climate change is an effort to obtain the necessary funding to help the coral reefs in Hawaii to keep up with the worsening storms. This…

Insurance industry seeks climate change support

April 14, 2014April 12, 2014 Julie Campbell

Climate Change homeowners insurance industry

After a year of record droughts followed by a year of record flooding, cooperation could be key. In the aftermath of the flooding that was experienced last year throughout many regions of the United States and Canada, the insurance industry found itself facing what could only be defined as a public relations nightmare. Residents of these hard hit zones have faced huge rebuilding costs and banks found themselves in binds. Banks in the areas that were struck by the most flooding, last year, found themselves holding mortgages for properties that…