The global insurance industry is taking a major hit — $84 billion in losses just in the first half of the year due to wind, hail, lightning, and severe storms. In the U.S. alone, 11 storms cost over $1 billion each, with three topping $2 billion. We’re on pace for $100 billion in insurance claims this year, and that’s starting to look like the new normal.
As climate change fuels more extreme weather, insurance companies are facing a tough choice: go bankrupt, pull coverage, or raise premiums. And unfortunately, that leaves homeowners and consumers holding the bag.
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