It's Not A "Hundred-Year" Storm. It's A "Can It Take Place During A 30-Year Mortgage?" Storm

[hatrack]

People keep moving to climate high risk areas, coastal or inland flood plains, or wildland-urban interface areas. Part of me says, “Well, have at it hoss.” Another part of me says, we are all going to be paying for this, in increased insurance rates, higher infrastructure costs, and ultimately bailouts when inevitable disasters occur. But for how long?

Climate change is accelerating, with an increasing likelihood of widespread disruptions to the financial sector, including the insurance sector. – Bank for International Settlements

Bloomberg:

As insurers start to pull out from markets battered by the fallout of climate change, governments are increasingly at risk of having to foot the bill, according to the Bank for International Settlements.

“This trend, if left unabated, may lead to an insurance market failure for climate-related risks and ultimately force governments to become ‘insurers of last resort’,” researchers from BIS’s Financial Stability Institute said in a report.

Financial watchdogs are stepping up scrutiny of insurers to monitor the developing risks as the industry retreats from markets deemed too risky to cover. BIS researchers are urging the industry, governments and regulators to work together to ensure there’s adequate and affordable insurance to cover the extreme weather events ahead.

Link to tweet

EDIT

https://climatecrocks.com/2023/11/26/how-long-will-taxpayers-subsidize-growth-in-climate-risk-areas/

[Think. Again.]

1. Our refusal to look at the science....

...and instead, to willingly accept fossil fuel industry-planted lies, is causing us to march head-first into a changing climate without making any preparation for those changes at all.

The results of our willful ignorance will be our own fault.

[catrose]

2. I'd been through 5 100 yr hurricanes before I was 18

I knew something was wrong with the climate 40 years ago. I do not rejoice in being right about that.

[slightlv]

3. I mentioned climate change

When my last house insurance bill tripled. I don't live anywhere except where tornadoes used to hit regularly. Climate change moved them away from us. But due to building costs because of CC, the total bill tripled if they'd have to rebuild my house for any reason.

I've told myself at least I can get insurance. That's more than a lot of people. But between it and taxes, I don't know how long I can hold on... trying to do all this on SS and a small annuity. It's scary. And frustrating. Because its people rebuilding in terror prone areas that are forcing me to worry about losing my home.