Home insurers cut natural disasters from policies as climate risks grow

Why are we having so many natural disasters lately?

Scientists: Global w..

FAKE NEWS! Now get me my monster truck..

This is the best summary I could come up with:

Allstate said its climate risk mitigation strategy would include “limiting new [auto and property] business … in areas most exposed to hurricanes” and “implementing tropical cyclone and/or wind/hail deductibles or exclusions where appropriate.”

Hurricane Idalia brought severe flooding to Georgia and the Carolinas, and tore through parts of Florida that had never experienced direct hits from a major storm.

Natural catastrophes in the first six months of 2023 year in the United States caused $40 billion in insured losses, the third costliest first-half on record, Aon found.

That can prevent firms from pricing policies that accurately reflect risk, said Daniel Schwarcz, who studies insurance markets at the University of Minnesota Law School.

Typical home insurance policies cover damage from all manner of perils, including fire and smoke, wind and hail, plumbing issues, snow and ice, and vandalism and theft.

“Potential changes to the frequency and/or severity of weather-related catastrophic losses pose a risk in both the short and long term,” Nationwide wrote in its survey response.

The original article contains 1,384 words, the summary contains 166 words. Saved 88%. I'm a bot and I'm open source!

This is the best summary I could come up with:

Allstate said its climate risk mitigation strategy would include “limiting new [auto and property] business … in areas most exposed to hurricanes” and “implementing tropical cyclone and/or wind/hail deductibles or exclusions where appropriate.”

Hurricane Idalia brought severe flooding to Georgia and the Carolinas, and tore through parts of Florida that had never experienced direct hits from a major storm.

Natural catastrophes in the first six months of 2023 year in the United States caused $40 billion in insured losses, the third costliest first-half on record, Aon found.

That can prevent firms from pricing policies that accurately reflect risk, said Daniel Schwarcz, who studies insurance markets at the University of Minnesota Law School.

Typical home insurance policies cover damage from all manner of perils, including fire and smoke, wind and hail, plumbing issues, snow and ice, and vandalism and theft.

“Potential changes to the frequency and/or severity of weather-related catastrophic losses pose a risk in both the short and long term,” Nationwide wrote in its survey response.

The original article contains 1,384 words, the summary contains 166 words. Saved 88%. I'm a bot and I'm open source!