Uninsurable?

For decades, distortions in the federal and state insurance markets have suppressed rates and enable rapid growth in hazardous areas prone to climate crisis events. A recent article in the Economist says that “we are marching steadily towards an uninsurable future in a number of places across the US.” For example, 85% of properties in one Santa Clarita zip code in Southern California were dropped by their insurers between 2015 and 2021. Apparently seven million Americans have seen increased rates or cancelled policies due to rising flood, wind or wildfire risk. Another 39 million - about one quarter of all properties in the continental US - have climate risks yet to be reflected in their premiums.