Source: The American Prospect
by Jordan Haedtler & Kenny Stancil
“Climate change doesn’t need to reach civilizational collapse levels before its economic and political ramifications are acutely felt. Even now, as more intense impacts begin to manifest, the public is feeling the pain in one key way: Catastrophic climate disasters have driven insurance markets into an active state of meltdown, making a core aspect of homeownership less attainable. President Biden seemed to appreciate the economic dimensions of climate change when he directed Treasury Secretary Janet Yellen and the other members of the Financial Stability Oversight Council (FSOC) to begin studying climate-related risks to the financial system early in his term. As FSOC’s climate risk supervision framework has come into place, regulators have flagged insurance markets as a key driver.” (04/16/24)
https://prospect.org/economy/2024-04-16-democrats-homeowners-insurance-policy/