Viktoria Morgan Law’s Post

"As average temperatures rise and disasters reach greater extremes, the magnitude of losses mounts, rendering parts of the US uninsurable. “We can’t stabilize insurance markets without dramatically reducing our climate risk,” said Carolyn Kousky, who studies insurance as the associate vice president for economics and policy analysis at the Environmental Defense Fund." Vox piece by Umair Irfan. It is crucial to hold insurance companies accountable for the abrupt termination of home insurance policies, impacting countless Americans, including my parents. Black and brown communities, navigating the housing market, often face challenges compounded by racism and disenfranchisement. These companies, shielded by policymakers, demonstrate a lack of concern for affected individuals. It is time to advocate for change and address this pressing issue. The current climate crisis is significantly impacting the housing market, underscoring the urgent need to regulate and hold insurance companies accountable. Collective action is essential to address these systemic issues and mitigate the far-reaching consequences of climate change. #ClimateChange #EnvironmentalRacism #housing #ClimateCrisis #Advocacy #EnvironmentalJustice #GreenHousing #ClimateHealth

CSAA Insurance Group, a AAA Insurer, CEO Mike Zukerman spoke about California insurance rate increases, carrier departures and catastrophe modeling. “We want to make sure our prices are commensurate with the risk we're taking. If that happens, we don't have to non-renew anybody. We can take ... as many customers as will come to us,” he said. “A lot of companies in California are starting to approach rate adequacy – getting some rate in the system that's appropriate, with inflation easing and the cost of capital coming down, which, of course, is a big driver of a lot of the companies that have left the state. They needed to preserve capital after they had a pretty bad 2023. We're going to start seeing some companies coming back into the market.” https://bit.ly/4f5jXQh #insurance #PropertyAndCasualty #climatechange #CaliforniaWildfires

there are many other issues facing the property insurance crisis in Florida after last Decembers legislation, we now have a plethora of new companies looking at taking policies from Citizens (with up to a 20% surcharge on the Citizens rates) and all with a profit in mind and not that i mind that but i think that climate change is down on the list of crisis drivers

CSAA Insurance Group, a AAA Insurer, CEO Mike Zukerman spoke about California insurance rate increases, carrier departures and catastrophe modeling. “We want to make sure our prices are commensurate with the risk we're taking. If that happens, we don't have to non-renew anybody. We can take ... as many customers as will come to us,” he said. “A lot of companies in California are starting to approach rate adequacy – getting some rate in the system that's appropriate, with inflation easing and the cost of capital coming down, which, of course, is a big driver of a lot of the companies that have left the state. They needed to preserve capital after they had a pretty bad 2023. We're going to start seeing some companies coming back into the market.” https://bit.ly/4f5jXQh #insurance #PropertyAndCasualty #climatechange #CaliforniaWildfires

Important information for Insurance companies, employees, investors and customers. It is clear you alone cannot prepare/mitigate for coming damages, but you can be vital voice in demanding government, and broader society acknowledge reality, and stop pretending everything can stay the same. This is not a political right or left battle. It is time we call out all politicians claiming their platform is the “best”. Zero Hour cross party Climate and Nature Bill. https://lnkd.in/ect3EBzQ

🏠🌀 Protecting Your Home in the Face of Rising Costs 🌪️💼 As the pandemic drove up housing prices, many homeowners found themselves facing unexpected challenges. While the value of their homes soared, insurance policies remained unchanged. Meanwhile, the cost of materials, gas, and living expenses continued to rise. Living in a state like Florida, where natural disasters like hurricanes pose a constant threat, it's crucial to reassess our insurance policies. What would have covered our homes four years ago may no longer be sufficient. The cost of labor has increased, and we must adapt to sustain our businesses. #HomeInsurance #RisingCosts #BusinessSustainability

Feeling the heat from soaring home insurance costs in high-risk zones like Florida? You're not alone. As climate risks intensify, so does the weight on our shoulders. Between 2017 and 2021, average annual insurance premiums rose by over 3%! This surge can lead to more disputed claims and increased workload for adjusters. As adjusters, we need to discern liabilities, interpret complex policies and stay on top of changing coverage terms. Having queries about policy coverage limitations? Wondering how to deal with a surge in workload or disputed claims? Let's navigate these uncharted waters together, drawing upon our collective knowledge and expertise. Consider this: are our strategies prepared to handle this new wave of change? Connect with me to explore strategies to stay resilient amidst these turbulent insurance tides. #InsuranceAdjusting #ClimateRisk #InsuranceCosts #FloridaInsurance.

Insurance cost are going to kill affordable housing. This article is a good start to understanding the harm being caused. We now need to understand the loss of units in the past and what could possibly by loss in the NEAR future. Some say “the market will adjust and will work itself out” my question is when did the market “adjust” to help or save low income families. We need federal and state intervention. The government intervened to save car manufacturers and banks, they need to help affordable housing NOW.

📝🏡 Important Reminder: Review Your Homeowners Insurance! 🔍🔑 Also If you own a home in an area prone to climate change impacts or natural disasters, consider budgeting for higher insurance premiums. Stay protected and informed!

Could it be time to consider moving? For the past few years, the convergence of the increasing number of weather-related losses, rising costs of claims and the sheer levels of consumer demand has resulted in higher property premiums and shrinking availability of options especially for states like California and Florida. Here's where state-run insurance programs have stepped in to offer solutions as a measure of last resort. However, this begs the question of whether there are adequate financial resources to meet the increasing need. Could a 2008-sized housing crisis be looming for the future where no state goes completely unaffected? Here are some ideas to consider to get ahead of one and how to reframe your perspective from a risk point of view. https://lnkd.in/eF3FP_Bi