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Climate Crisis: Insurers Drop 1.9M Policies, Risk Systemic Failure

1/23/2025

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Summary

Story summary

Insurers are grappling with a climate crisis, as losses from climate change surge beyond the premiums from fossil fuel companies. Since 2018, over 1.9 million home insurance contracts have been dropped, hitting low-income and minority homeowners the hardest. The Senate warns this trend could spark a systemic risk akin to the 2008 mortgage crisis, calling for urgent regulatory reforms.

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Story summary

Insurers are grappling with a climate crisis, as losses from climate change surge beyond the premiums from fossil fuel companies. Since 2018, over 1.9 million home insurance contracts have been dropped, hitting low-income and minority homeowners the hardest. The Senate warns this trend could spark a systemic risk akin to the 2008 mortgage crisis, calling for urgent regulatory reforms.