Laurie S.’s Post

Thanks for sharing this data. As a planner, I look at this and re4alize that not only do development costs impact the missing middle and affordable housing, insurance rates takes their bite as well. So, what can I do on a local level to help mitigate risks for housing in my community? Hopefully have a plan to address floodplain and floodway, wildfire and overgrowth in edge, suburban and urban areas as well as water infrastructure to assist in those issues for potable water and fire suppression. I am sure there are many other things to think about but the time is now to start a plan to address these items.

20, 40-70% increases on the Oregon Coast without any real justification outside of blaming it on Oregon and California Fires and Utility Company exposures (Which raised Oregon utility rates and Insurance rates). Diversifying these exposures to areas with lower risk is Fraud, Waste and Abuse and needs US Congressional review under the Interstate Commerce Act as Small Business is getting nailed for the risk and loss of other large utilities and paying it harshly. Economic advantages of distributed hydro power in the Northwest and paying mitigated wetland issues also is a factor, which clearly defines Waste and Abuse, Increasing FEMA bureaucracy based on insurance risks. It’s past time to reorganize the bloated FEMA and bring back Civil Defense to hedge these assumed false risks in America and time to get real with the Fraudulant broad Climate Change excuse as the presumed culprit.

Inflation = climate inaction. Decarbonization = safety + inclusive prosperity. (Monday morning thoughts) “Across all US counties, those in the top fifth for climate-driven disaster risk saw home premiums leap by 22% in just three years to 2023, compared to an overall average of a 13% rise in real terms, research of mortgage payment data has found.” - Advanced Energy Group - The Carbon League

Excellent analysis. On the one hand, this is the inevitable result of the insurance market finally reflecting the true costs of climate change. You have to be totally blinded by ideology to not recognize this fact. On the other hand, this shows the failure of a purely market driven approach. Insurers are either charging ridiculous prices or not offering coverage at all. If you are rich enough to have beachfront property in Miami or a ski condo in Lake Tahoe…that risk is on you. But most people don’t have the resources to relocate or climate harden their homes & businesses.

Risk Mitigation and Resilience is a rapidly growing topic. The changes underway, and with significant momentum, are having cascading effects through a number of sectors. Food safety and production is a looming problem as numerous events are effecting supply chains globally. The damage from all of these events are also accelerating the infiltration of toxics into our water, air and soil. These pollutants are accelerating biodiversity loss translating to food supply shortages and the oceans ability to produce oxygen. From 2009-2013, Colorado experienced a 179% increase in the average claim payment per insured home compared to the previous 12 years—the largest percentage increase in the U.S. Source: Insurance Research Council Where are mitigation and adaptation funds being applied? Where are those funds? Colorado has already been cloud seeding to counter the threats of drought and source water shortages. Affordable housing shortages are prevalent in most larger cities. Are the houses they are building resilient to risk? Are they utilizing roofing surfaces for solar panels or are they simply going to add to energy consumption from the coal fired plant? Regional Planning capabilities lack the computational capacity and infrastructure systems integration capabilities to proactively engage these challenges. The Insurance industry is another Industry/Institution that is broken. It’s not just the Health Insurance Industry that is suspect, it’s the whole thing. This provides an opportunity to create a State Level Captive Insurance Plan that is co-opted by the State’s stakeholders/Commons. A "captive insurer" is generally defined as an insurance company that is wholly owned and controlled by its insureds; its primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer's underwriting profits. That way profits can be invested in further mitigation and adaptation efforts at the State level. With risks and vulnerabilities increasing from cyber attacks to environmental catastrophes, mitigation and adaptation at regional scale has become critical. Building the tools necessary to handle complex problems has been deferred into the future because the concept is too complex for typical grant opportunities to fund. So where will the seed funds come from to engage our current complex problems? The pipeline of those grant funds are hardwired into Universities. Another revenue stream without expectation of solution beyond publishing a paper. Should States begin to consider the creation of a Captive Insurance Strategy? The captive insurance market is made up of insurance companies that are owned and controlled by their owners, and that are used as an alternative to self-insurance. Captives can be used to underwrite a wide range of risks and are tailored to the risks faced by the parent company - A State Trust.

A Wharton study reveals how climate-driven disasters are fueling a rise in home insurance premiums, with the riskiest areas seeing hikes of up to 22% in the last three years. Such trend highlights how a climate crisis is rapidly becoming an insurance crisis. Learn more here in this shared post. #climate #extremes

Climate change is real AND expensive.

Rising Home Insurance Premiums! Home insurance premiums are rising, particularly in areas prone to climate risks like floods, storms, and wildfires. Recent data shows premiums in high-risk counties have increased by 22% over the past three years, compared to a national average of 13%. This highlights the growing financial impact of environmental risks on homeowners and the need for businesses, policymakers, and communities to plan for resilience in an evolving landscape. #InsuranceTrends #RiskManagement #ClimateAdaptation https://lnkd.in/eNTgtdgw

With disasters growing, and insurance premiums growing even faster, what challenges are you seeing in real estate transactions due to insurance and climate concerns? I recently contributed to an article on climate disclosure and insurance in real estate transactions, and was happily surprised to see the journalist made the case for using a buyer’s agent. REALTORS provide a wide range of guidance and expertise when navigating a transaction. Work with an agent that gets you, and don’t go it alone. “Since these risks aren’t required disclosures and have no standard way to be divulged to potential buyers who may come from different markets, buyers may need to rely more heavily on their own agents. Local agents are changing how they approach this subject as climate risks in their area evolve. “Two changes I have implemented are use of climate risk tools with my buyers to aid their home search and discussions around property insurance,” says Christopher Matos-Rogers, associate broker with Coldwell Banker Realty in Atlanta. “These discussions around property insurance can look like reviewing disclosures or conditions seen on showings that may negatively impact insurance, and possibly providing referrals to insurance brokers. Prior to several years ago, buyers weren’t concerned with insurance and typically went with their go-to company.” #homebuying #firsttimehomebuyer #homeinsurance #homebuyingtips #realtor #atlantarealtor #atlantarealestate #climaterisk #housingmarket #realestateexpert ClimateCheck

This past summer hailstorms struck Calgary, wildfires forced tens of thousands to evacuate from Jasper and flash floods soaked Toronto and Montreal, causing more than $7.7 billion in insured damages, the most expensive summer for weather-related insurance claims ever, according to the Insurance Bureau of Canada. The IBC reports that severe weather in Canada now causes insured losses that regularly surpass $2 billion each year. Compare that with an average of $701 million annually from 2001 - 2010 and you can begin to grasp the scale of the problem. There's also a growing awareness amongst homeowners of the dangers of extreme weather patterns. A Leger survey commissioned by RATESDOTCA found that 17% of all homeowners contacted their insurer to review their home insurance policies in response to worsening wildfires and floods, an uptick of three percentage points from 2023. Meanwhile, 33% of homeowners that purchased homes within the past two years say they've added endorsements to their policies to protect against damage from extreme weather. So how are insurers handling increased claims volumes and anticipating future risk? Artificial intelligence technology is one tool that some insurers are experimenting with, and initial results are promising. Check out Aya Al-Hakim's deep dive into insurance, climate change and AI in her latest article. #climatechange #homeinsurance #generativeAI https://lnkd.in/gfC6wucK