US Demands Climate Data as Insurers Make Coverage Unaffordable
US Demands Climate Data as Insurers Make Coverage Unaffordable The United States is taking significant steps to address the growing impact of climate change on the insurance industry. Insurers will be required to provide detailed data on their home insurance policies, premiums, claims, and losses, specifically at a zip-code level for the period spanning six years from 2017 to 2022. Graham Steele, the US Treasury assistant secretary for financial institutions, emphasized the alarming trend of a fivefold increase in billion-dollar disasters over the past five years when compared to the 1980s. Despite this surge in climate-related disasters, insurance coverage only addressed 60% of the $165 billion in losses incurred in 2022. The consequences of climate change have made it progressively challenging for homeowners and consumers to secure available and affordable insurance. Many large insurers have recently opted to deny new policies in certain areas or even exit the market entirely due to ...