VRSK - Home Insurance Shockwave - Climate Risks Trigger Coverage Cuts As Claims Surge: Report | Benzinga
Major insurers such as Allstate Corp (NYSE: ALL), American Family Insurance, Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B), Nationwide and Erie Insurance Group are reportedly reducing or eliminating coverage for extreme weather events due to climate change.
This follows Hurricane Idalia which made landfall in Taylor County within Florida's Big Bend region, near Keaton Beach, as a Category 3 hurricane.
Unprecedented disasters linked to climate change have escalated claims costs, putting pressure on insurance markets, The Washington Post reported.
A release from Verisk Analytics, Inc. (NASDAQ: VRSK) estimated that industry-insured losses to onshore property for Hurricane Idalia will range from $2.5 billion to ...