Soon, You Won’t Be Able To Afford Insurance

Blame Climate Change – Because You Probably Won’t be Able to Afford Insurance Soon

What You'll Discover Here:

Ordinary people, you and me and our families, may soon find that we can no longer afford insurance on our homes and possessions.

Do you remember the dreadful wildfires in California? Well, insurance companies say the fires cost them a staggering $24 billion. Yes – billion.

And the world’s largest reinsurance firm has blamed climate change / global warming for the wildfires.

Companies can’t sustain massive losses like that – something has to give. And, as normal, it’s all of us who will feel the pinch. Insurance companies will increase their home insurance premiums by so much that most of us won’t be able to afford insurance.

Can You Imagine Not Being Able to Afford Insurance?

Nicolas Jeanmart, the head of personal insurance, general insurance and macroeconomics at Insurance Europe, which speaks for 34 national insurance associations, said the knock-on effects from rising premiums could pose a threat to social order.

He’s probably right.

Insurance is protection against loss. If we can no longer afford that protection, it will have major impacts not just on us but also on our lifestyles, affecting what we buy and how we live our lives – and where.

Insurance cover in hurricane-prone regions such as Florida is already much higher than in northern Europe. Premiums are being increased in the US midwest, due to an increased risk of severe storms there.

Premiums are also being adjusted upwards in parts of Germany, Austria, France, and south-west Italy.

This Is New

No insurer has linked wildfires to climate change before, although a Lloyds report into Superstorm Sandy in 2014 found that global warming-linked sea level rises had increased surge losses around Manhattan by 30%.

This move may also influence several court cases testing the liability of fossil fuel companies (and their directors) for the effects of global warming.

Personally, I hope it does. The oil companies knew about carbon emissions and global warming long ago, yet deliberately carried on drilling for fossil fuels, causing deadly climate change that we now have to live with.

And perhaps all the people who claim that climate change isn’t man-made will start listening to the science facts when they can no longer afford insurance.

Start making a difference today – download your FREE report on the 3 big things that you can do to help slow climate change. (Spoiler alert:- recycling is great, but it won’t make a big difference).