If insurers refuse to account for those kinds of initiatives, then Jones says state lawmakers should force the issue. He pointed to a law that Colorado Gov. Jared Polis signed in May requiring insurers that use risk models to consider actions that homeowners and communities take to protect themselves — including home hardening and forest management — when they assess the risk that a property will burn in a wildfire.
Source: The fight to cut disaster costs and steady U.S. insurance markets : NPR
another example of how insurance, which many of us hate, makes the world go ’round. recently mentioned by the shipping guy, in the context of war-risk insurance while ua/ru and is/iran popping off; and the existance of “re”insurance, basically insurance for insurers.
fta:
Premiums across the U.S. have jumped 24% on average in the past few years, according to the Consumer Federation of America, in part because climate change is driving more intense storms, floods and wildfires. Insurers and banks have already retreated from some of the riskiest parts of the U.S., Powell told lawmakers, like coastal communities and areas prone to blazes, including parts of California.
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“If you fast-forward 10 or 15 years,” Powell said, “there are going to be regions of the country where you can’t get a mortgage.”
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The amount of money insurers have paid out when extreme weather damages or destroys property has grown by between 5% and 7% annually in recent years, according to Swiss Re, a major reinsurer, which essentially sells insurance to insurance companies. If that trend holds, the industry will face close to $145 billion of insured losses globally in 2025, Swiss Re said in an April report. The Los Angeles wildfires alone inflicted around $40 billion of insured losses, the firm said.
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Almost 2 million Americans had their home insurance policies dropped between 2018 and 2023, with the biggest impact in places at highest risk of disasters, according to Keys, of the University of Pennsylvania.
