Why are so many insurance companies pulling out of providing coverage in Florida?
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>Why are so many insurance companies pulling out of providing coverage in Florida?
Climate change is causing two thing, which are interrelated.
1) Sea level is rising. The sea level around Florida is up to 8 inches higher than it was in 1950, and it’s continuing to go up 1 inch every 3 years. So even without storms, parts of Florida that would not have flooded are now flooding.
2) Hurricanes are increasing in intensity. Even if the number of hurricanes isn’t higher in a given year, hurricanes this year are more intense than they were even a year ago because of the increased energy in the atmosphere each year. Therefore the amount insurance company’s must pay to those they insure has been increasing every year.
Combine these two and the actuary’s who advise insurance companies have been telling them to get the hell out of Florida for YEARS.
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