U.S. states struggle with how to keep property insurers from fleeing as wildfire risks skyrocket
Months after a catastrophic fire burned more than 2,200 homes in Hawaii, some property owners are getting more bad news that their property insurance will not be renewed because their insurance company has deemed the risk too high. It is a problem that has played out in states across the U.S. as climate change and increasing development has raised the risks of wildfires and other natural disasters damaging communities. Insurance providers, state regulators, and researchers are grappling with how to keep the insurance companies in business while keeping residents and their properties insured and protected. “I think most of...
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