Seems To Me That Property Insurance Companies Have The Most To Lose On Climate Change.....

[global1]

Why wouldn't they be lobbying Congress to take actions to minimize the impact of climate change on the U.S.?

[geek tragedy]

1. insurance companies just re-write policies to suit their interests. nt

[Dems to Win]

2. Flood damage is not covered by property insurance

Most of the ppl flooded in SC didn't have federal flood insurance. We'll end up picking up the tab with federal tax dollars.

Most property insurance won't cover the losses people suffer from climate change -- why should the insurance companies worry?

[Xolodno]

3. As somone who works for an insurance company...

...it is a worry. Believe me when I say companies will consider pulling out of a state if they don't either:

1. Address the climate change and build the infrastructure to help combat it.

2. Allow the company to exclude coverage for such AND the state sets up a system for such losses.

Believe it or not, climate deniers really don't like the insurance companies...as they keep telling them what they don't want to hear. Hence why you don't see them trumpeting any "statements" from the large companies that climate change ain't real.

Property rates are based on the usual "1 fire out of X number of homes", "rupturing water pipe in X number", etc. Catastrophe charge spread out over X years, etc.

The CAT premium is either going to raise rates significantly or the company will just pull out if they don't see a way to make a profit.