How Climate Change is Reshaping Insurance and the Housing Market
Posted by Tim Bray on
The growing ferocity and frequency of extreme weather events, tied intrinsically to the rapidly changing climate, have sent shockwaves through sectors that once thrived on predictability and historical data – notably, the insurance and housing markets. Jacob Bogage’s recent Washington Post article encapsulates the urgency and gravity of the situation, focusing on how major insurers are pulling away from covering the very natural disasters that are increasing in frequency.
Insurance companies, at their core, are in the business of evaluating and pricing risk. Historically, they've spread these risks across various geographies and disaster types, ensuring that catastrophic payouts in one region are balanced by calmer conditions elsewhere. However, as…
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