Climate One: Scorching Premiums: Climate Costs Hit Insurance Markets

Climate disruptions and growing risk are upending insurance markets, leading many insurers to abandon parts of the country all together. Due to fires, floods and other extreme events, more and more homeowners are facing rapidly rising premiums or being dropped from their insurance plans altogether. Increasing numbers of homeowners are taking refuge in the state insurance plans of last resort, straining the program resources. For homeowners, whose house is often their biggest financial asset, this creates a huge financial risk.