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.
Recent Posts
This May Day, Let’s Follow The Lead Of Immigrant Workers
May 1, 2024
Take Action Now Let’s follow the lead of immigrant workers organizing for a world without borders — this May Day and beyond. by David Bennion and…
UK Students Begin New Wave Of Protests Against Gaza War After US Arrests
May 1, 2024
Take Action Now Protests planned in Sheffield, Bristol, Leeds, Newcastle and other universities in show of solidarity with Palestinians By Sally…
Police Storm Columbia’s Campus And Violently Arrest Protestors
May 1, 2024
Take Action Now “The U.S. government and institutions like Columbia are showing that they would rather brutalize students than divest from…
They Arrested Us. I Hope It Brings An End To Nuclear Weapons.
May 1, 2024
Take Action Now About 50 people protested April 15 outside the Kansas City National Security Campus, a plant run by Honeywell, calling for an end to…