While major U.S. insurers drop coverage for people vulnerable to climate change, they’re also investing billions in the companies that fuel it.
by Arielle Samuelson and Emily Atkin, Heated
Here’s something everyone needs to understand about climate change: In addition to being an existential threat to life on Earth, it also costs a lot of money.
Already this year, the U.S. has seen more climate disasters costing over $1 billion than ever before. The National Oceanic and Atmospheric Administration announced on Monday that the U.S. has already seen a record-breaking 23 weather disasters costing more than $1 billion in 2023, with a total cost of $57.6 billion so far.

The cost of these disasters has always fallen on individuals. But right now, we pay using a system designed to spread out those costs among the population. We pay taxes to local, state and federal governments, for example, which are then charged with covering much of the recovery cost. Those of us who own property also also pay premiums to insurance companies, which are then charged with covering some of the cost of rebuilding.
After this year’s extreme weather, however, some U.S. insurance companies no longer want to fully participate in this system.
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