A $1 Trillion Time Bomb Is Ticking in the Housing Market - Bloomberg

Climate change is costing us dearly, and it’s only getting worse. I feel so intensely frustrated, largely because the preventative actions we could have taken were not mysterious to us: invest in renewables, transition from greenhouse gas-emitting energy generation, and put a price on carbon. We’re finally making some progress on green energy, than... See more

In Hawaii, where insured property losses exceed $3 billion dollars, homeowners face rising insurance premiums as a result of climate disasters. Californians are familiar with this pain: State Farm and Allstate have already stopped offering homeowner policies in the state due to a combination of government-imposed rate caps, expensive reinsurance, a... See more

If hazards stop being rare, stop being predictable, and/or produce damages that aren’t easily reparable (or suggest that a building should not be rebuilt in that location), the existing market structures for both property insurance and property more broadly won’t work.

The fact that US hurricanes now present a fatality risk no greater than lightning illustrates how their toll has been reduced by satellites, advanced public warnings, and evacuations. At the same time, there are reasons for concern, as both the annual worldwide frequency of natural disasters and their economic cost have been increasing. We can say

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