UN's Economic Outlook: Addressing Climate-Related Challenges

A recent report sheds light on the increasing financial burden extreme weather places on the federal government and taxpayers. Crop insurance payouts, exceeding $118 billion between 2001 and 2022, reveal the staggering costs incurred due to droughts, heatwaves, and floods.

A recent report by the Environmental Working Group reveals the staggering costs of extreme weather on crop insurance payouts, surpassing $118 billion nationally between 2001 and 2022. Iowa, alongside the Midwest, faced severe drought, emphasizing climate change's growing impact on agriculture.

Average annual property insurance premiums in Florida surged to over $4,200 in 2022, three times the national average. For many homeowners these premiums are becoming unmanageable, forcing them to consider relocating.

The average cost of homeowners' insurance has surged to $1,900 a year nationwide, driven by climate risk, prompting insurers to reassess pricing models and leading to a 12 percent increase in premiums in 2022, with further rises anticipated.

Climate change intensifies hurricanes and flooding in Florida, leading to soaring property insurance rates, high reinsurance costs for local insurers, increased reliance on state-backed coverage, the need for separate flood protection policies, and rising car insurance costs due to weather-related accidents.

Climate change drives structural damage, raising home insurance premiums for 90% of homeowners, particularly in disaster-prone areas.

Skyrocketing home insurance costs due to climate change pose challenges for homeowners, as premiums soar and coverage options dwindle, leaving many uncertain about protecting their homes in the face of future disasters.