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The cost of climate change has arrived at our doorsteps

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: Extreme weather fueled by climate change is leading major insurers like Allstate and State Farm to stop insuring homes in high-risk states such as California, Florida, and Louisiana
• This insurance crisis underscores the escalating costs of climate change

🔭 The context: As climate change intensifies, it is driving unprecedented property damage and skyrocketing insurance premiums
• In 2023, extreme weather caused $93 billion in damages across the U.S., with insurance companies losing money on homeowners' coverage in 18 states

🌍 Why it matters for the planet: The financial impact of climate change is becoming increasingly evident, straining the stability of millions of Americans and highlighting the urgent need for policies to mitigate climate risks and promote resilience

⏭️ What's next: Bipartisan cooperation is needed to address climate change and implement resilience policies to protect public health, financial stability, and the environment
• Without decisive action, extreme weather will continue to inflict severe financial and human costs

💬 One quote: "Today, every corner of the U.S. is feeling the impacts of climate change which strain or overwhelm the financial stability and health of millions of Americans," said Margo T. Oge

📈 One stat: In 2023, extreme weather caused $93 billion in damages in the U.S., and more than 35 million properties face skyrocketing insurance prices due to climate change risks

Click for more news covering the latest on climate change

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