Climate Change and Insurance Costs
If climate change intensifies, there’s a trend that is going to solidify and gain strength; insurance premiums are rising to cover the increasing costs of natural disasters. Many homeowners are underinsured, and state-backed insurers are struggling to meet the growing demand. The market is grappling with adapting to these changes, and accurately pricing climate risk is essential. According to the NOAA, National Oceanic and Atmospheric…