No matter what the climate change deniers say or think, the problem is not going away. One of the first places that have responded has been insurance companies. Markets in disaster prone areas are raising premiums in order to offset losses during catastrophic events. Think recent hurricanes and wildfires, but also midwestern tornados and the Gulf Coast blizzard.
“Climate change is posing a systemic risk to the financial system, through insurance and housing, and it means it will get harder to get a mortgage and more people will be driven to state plans,” Jones said. “We will have to shore up these plans because they are going to face problems when there’s a catastrophic event.
“None of this is not going to get any better unless we address the climate crisis. We aren’t going to be able to de-regulate our way out of this, as Florida has shown. We have to address the underlying cause, which is climate change.”
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| Snow in New Bern, SC |
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