Climate Change and Property Insurance

[marindependent]

Interested in other Agents opinions of Climate Change and How it will Change Property Insurance market?

Believe it will change it, not, or do you think its a crock?

All reasonable explanations with opinions and a fact or two welcome.

 

[Markthebroker]

It seems like most of us agree the climate is changing. Some disagree on if, and how much, we affect it, and how to change that.

Landslides, fires from drought or lightening strikes, droughts killing trees that then fall on properties, storms, all of it will increase claims and thus property premiums in my opinion.

 

[Tahoe Ray]

It seems like most of us agree the climate is changing. Some disagree on if, and how much, we affect it, and how to change that.

Landslides, fires from drought or lightening strikes, droughts killing trees that then fall on properties, storms, all of it will increase claims and thus property premiums in my opinion.

Not a P&C guy but agree completely. It's happening (manmade or not) and it's going to increase rates.

I don't see how CA can burn down seemingly every year (hyperbole but it sure feels like it) and have it not increase rates overall.

 

[Markthebroker]

Not a P&C guy but agree completely. It's happening (manmade or not) and it's going to increase rates.

I don't see how CA can burn down every seemingly every year (hyperbole but it sure feels like it) and have it not increase rates overall.

Part of the problem is the carriers increasing rates. The other part, is all the carriers that flat out won't write in certain areas any more. Many carriers are running scared from California, with little or no intention of returning.

Interesting times.

 

[adjusterjack]

Landslides, fires from drought or lightening strikes, droughts killing trees that then fall on properties, storms, all of it will increase claims and thus property premiums in my opinion.

Agree.

Rates and availability have always responded to changes in risk, climate or otherwise. Earthquake, fire, wind, flood, etc. It's happening, and has been happening. Any changes brought by "climate" just makes things worse.

 

[vic120]

There has been climate change from the beginning of Time this is why Greenland is called Greenland though its covered in ice NOW but not when the Vikings discovered it

Heck in the 70's we were fighting global cooling in the 90's is was global warming Now its climate change to cover both ends of the bet