because climate-related disasters play such a big role in making insurance expensive, this disconnect also reinforces complaints many people have about the Fed’s approach to growing climate chaos — which is, lately, to plug its ears and ignore it.
because climate-related disasters play such a big role in making insurance expensive, this disconnect also reinforces complaints many people have about the Fed’s approach to growing climate chaos — which is, lately, to plug its ears and ignore it.
Tl;dr: Climate change is causing housing insurance rates to rise, and the price of rebuilding after disasters is increasing. Meanwhile the Fed is doing very little about it because this is Trump’s administration, and their orders are to drive us headlong into disaster.
I wouldn’t call it a “time bomb,” just things getting more expensive per usual.
I can say a condo burned down here four years ago and insurance stuff made it such that its pretty much finally rebuilt but not quite and still not occupied. Its insane. Remember all the talk about russia having crops rotting in the field? US feels like that now.
And yet insurance premiums are higher than ever, and the industry is rolling in record profits.
https://www.justice.org/resources/research/insurance-industry-is-quietly-making-record-profits