‘Uninsurable future’ can be prevented, according to an insurance expert.
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There are significant concerns regarding the future of insurance due to catastrophic wildfires and other disasters caused by climate change. However, a former insurance commissioner from California has some suggestions for possible solutions.
Dave Jones was a commissioner from 2011 to 2018, during which time some of the state of California’s most catastrophic wildfires occurred. He is currently the director of the Climate Risk Initiative at the UC Berkeley School of Law. Major California insurers have stopped offering new homeowner policies during the past year.
He clarified, “Weather-related events are becoming more frequent and severe due to climate change.” “Those in turn are causing significant insurance losses, property destruction, human casualties, and fatalities.
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“And given how climate change is playing out in some areas of the country, I think we are headed toward a future where it will become increasingly uninsurable as the risk of loss and the size of loss increase to the point where insurers can no longer cover those properties and turn a profit.”
He claimed that a large portion of the West faces that possibility as a result of inaction to address climate change.
Still, there are steps that can be taken. He stated that cutting greenhouse gas emissions is crucial.
He and his colleagues also discovered in a 2021 report that insurance models could incorporate prescribed fires and other wildfire mitigation measures, which could eventually result in lower costs.
The insurers have not included this into their models as of yet, which is very annoying, according to Jones. “And the communities and taxpayers who foot the bill for forest treatment find it frustrating.”
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“Because the insurance carriers are not picking it up voluntarily,” he continued. I believe that state governments will have to declare, “Hey, this has to happen.”
With assistance from affiliate stations throughout the area, this story was produced by the Mountain West News Bureau, a partnership between Wyoming Public Media, Nevada Public Radio, Boise State Public Radio in Idaho, KUNR in Nevada, KUNC in Colorado, and KANW in New Mexico. In part, the Corporation for Public Broadcasting provides funding for the Mountain West News Bureau.
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