The recent wildfires in Los Angeles have resulted in devastation, prompting mass evacuations and destroying thousands of structures. Preliminary damage estimates reach up to $250 billion, making it one of the costliest wildfires in U.S. history. Climate change is exacerbating frequency of such disasters, leading to an ongoing insurance crisis where many homeowners find policies unaffordable or unavailable. California officials have imposed a year-long ban on insurance companies dropping policyholders affected by the fires, underscoring the urgent need for reform in the insurance system that fails to address escalating risks from climate-related events.
"In the US, yearly average homeowners' insurance premiums nearly tripled from $536 to $1,411 between 2001 and 2021, largely due to the increased risk in disasters related to planetary heating."
"The cost of damage that private insurers cannot or will not insure is either being born by households and leading to individual financial ruin."
Collection
[
|
...
]