Rising home insurance rates point to climate change

[tabatha]

(Came across this 10 day old article - maybe the Murdoch rags should read it.)

Insurance companies don’t care if you believe in climate change or not: Your premiums are going up anyhow.

NPR reported Monday that home insurance premiums are going up across the board in response to the record number of tornadoes, floods, fires, blizzards and other heavy weather that hit the country in 2011.

The piece features insurance executives at major firms such as Allstate and State Farm saying they are raising rates as much as 10%.

The president of the Insurance Information Institute, a New York-based industry association, says the weather caused about $35 billion of insured damages last year in the U.S. in events that caused a total of $70 billion in economic losses.

http://www.latimes.com/news/local/environment/la-me-gs-insurance-rates-driven-up-by-global-warming-npr-reports-20120116,0,3679812.story

[napoleon_in_rags]

1. This is a really interesting threshold.

Basically, they lose money if there are too many climate events, so its translating into a dollars and cents thing for them. Because they are raising their prices for the same product they will lose customers. What I'm wondering is if we will see more businesses coming out against denial as they see negative the negative impacts on their bottom lines.

[DCKit]

2. Silly you. They'll just get Congress to make home insurance compulsory. nt