'The growing insurance crisis illustrates the vital importance of seeing climate change as a risk to the entire financial system,' said one watchdog group.
"The growing insurance crisis illustrates the vital importance of seeing climate change as a risk to the entire financial system," said one watchdog group.With extreme weather disasters increasing in frequency and intensity as the global climate crisis rages, wealthy homeowners in some coastal areas of the United States are paying six figures a year to insure their houses against flooding and other impacts of the kind that Hurricane Idalia brought to Florida last week.
Surging home insurance premiums for the rich underscore a broader crisis that is disproportionately impacting regular homeowners who live in areas particularly vulnerable to climate chaos. "They've underwritten financing fossil fuels, and then they profit from selling protection from the impacts of those fossil fuels on climate."
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