A $1T Time Bomb Is Ticking in the Housing Market
The U.S. housing market faces a $28.7 billion annual underinsurance gap against climate-related disasters, potentially leading to a $1 trillion crisis if insurance policies are not reassessed to reflect increasing risks.
Read original article
A significant risk is emerging in the U.S. housing market, with millions of homes underinsured against climate-related disasters such as wildfires and floods. According to a report, homeowners face an annual underinsurance gap of approximately $28.7 billion due to premiums that do not adequately reflect the increasing risks associated with climate change. Mark Gongloff, a columnist for Bloomberg, highlights the insights of David Burt, a financial expert who previously predicted the subprime mortgage crisis. Burt now leads DeltaTerra Capital, a research firm focused on identifying potential crises in the housing market linked to climate change. The warning signals suggest that the housing market could be facing a $1 trillion crisis if the current trends in underinsurance continue. This situation raises concerns about the financial stability of homeowners and the broader implications for the housing market as climate-related events become more frequent and severe. The need for a reassessment of insurance policies to better align with the evolving risks posed by climate change is becoming increasingly urgent.
Related
California House Prices Plunge Up to $400k as Insurance Crisis Deepens
A three-bedroom home in Sonoma's Wine Country, California, dropped over $400,000 in price due to insurance crisis. Crestbrook Insurance Co. stopping renewals adds to statewide challenges, affecting property values.
Climate change is coming for hospitals
Climate change poses a growing threat to hospitals globally, with a 41% increase in damage risk from 1990 to 2020. Recent incidents, like US hospital closures due to extreme weather, highlight the trend. Thousands of healthcare facilities worldwide face challenges, especially in low-lying coastal regions. Flooding, fires, and cyclones impact hospitals, with projections suggesting one in 12 hospitals may shut down by the century's end. Extreme heatwaves strain healthcare systems. Climate-resilient measures, like those in Vietnam, are crucial for hospital resilience.
We built our world for a climate that no longer exists
The CNN opinion piece by Jeff Goodell discusses the inadequacy of current infrastructure in handling climate change effects. Urges immediate action for a sustainable and resilient world amidst escalating climate crisis.
U.S. Commercial Real Estate Is Headed Toward a Crisis
U.S. commercial real estate faces challenges with over $1 trillion in loans maturing in two years, risking substantial losses for banks, particularly regional ones, amid pandemic-related economic disruptions.
Thunderstorms Have Caused $45B in Damages in the U.S. in Six Months
In the first half of 2024, U.S. thunderstorms caused $45 billion in damages, with $34 billion insured, marking a significant increase in losses attributed to climate change and severe weather events.
6 commentsPretty sure that's the definition of "disaster".
Saved you a click
>DeltaTerra Capital is an investment research and consulting firm serving institutional clients that seek to mitigate climate risk exposure
A hedge fund that sells climate risk solutions warns of climate change risk problems.
The internet nowadays is just ads, ads pretending to be news, propaganda, seo landfill and staged social media videos. I am glad I got to enjoy the early 2000's geocities/myspace genuine human connections internet.
Related
California House Prices Plunge Up to $400k as Insurance Crisis Deepens
A three-bedroom home in Sonoma's Wine Country, California, dropped over $400,000 in price due to insurance crisis. Crestbrook Insurance Co. stopping renewals adds to statewide challenges, affecting property values.
Climate change is coming for hospitals
Climate change poses a growing threat to hospitals globally, with a 41% increase in damage risk from 1990 to 2020. Recent incidents, like US hospital closures due to extreme weather, highlight the trend. Thousands of healthcare facilities worldwide face challenges, especially in low-lying coastal regions. Flooding, fires, and cyclones impact hospitals, with projections suggesting one in 12 hospitals may shut down by the century's end. Extreme heatwaves strain healthcare systems. Climate-resilient measures, like those in Vietnam, are crucial for hospital resilience.
We built our world for a climate that no longer exists
The CNN opinion piece by Jeff Goodell discusses the inadequacy of current infrastructure in handling climate change effects. Urges immediate action for a sustainable and resilient world amidst escalating climate crisis.
U.S. Commercial Real Estate Is Headed Toward a Crisis
U.S. commercial real estate faces challenges with over $1 trillion in loans maturing in two years, risking substantial losses for banks, particularly regional ones, amid pandemic-related economic disruptions.
Thunderstorms Have Caused $45B in Damages in the U.S. in Six Months
In the first half of 2024, U.S. thunderstorms caused $45 billion in damages, with $34 billion insured, marking a significant increase in losses attributed to climate change and severe weather events.