Connect with us


US Treasury climate official calls for insurance changes for extreme weather conditions




WASHINGTON, Sept.9 (Reuters) – Climate-related weather events are costing U.S. households, businesses and insurers billions of dollars in losses, and there is no indication they will abate, Reuters told Reuters on Thursday. senior climate official at the US Treasury.

Climate adviser John Morton said the Federal Insurance Office (FIO) of the Treasury is seeking public input to better understand and assess the insurance risks posed by climate-related weather events such as the hurricane Ida.

Hurricane Ida, which made landfall on August 29 with winds of 240 km / h, cutting off most of the United States’ offshore oil and gas production for more than a week and damaging platforms and facilities support ashore. It was one of the costliest hurricanes since back-to-back storms of 2005 slashed production for months, according to the latest historical data and records.

“Last year alone, climate-related weather events resulted in nearly $ 120 billion in losses, and (…) nearly $ 50 billion was uninsured,” Morton said in an interview.

“We are not only seeing the insurance industry taking an increasingly severe and regular hit, but we are also seeing US households, US small businesses being hit at significant levels,” he said. “And there is no reason to expect these losses to stop.”

The Federal Insurance Office will accept comments for 75 days and then make recommendations for better pricing of the risks climate change poses to insured properties and operations, Morton said.

“The question is how to better understand and start to assess the risk inherent in the underlying activities,” he said.

In his request for information of August 31, he cited a dramatic increase in the frequency and severity of climate-related disasters, and said they had resulted in growing economic losses and financial risks.

“The increased frequency and severity of climate-related disasters, as well as the magnitude of the associated insured losses, highlight the importance of these climate-related financial risks and the role of insurers in responding to them,” he said. he said, adding that some consumers are increasingly unable to find affordable property insurance in some markets.

Reporting by Andrea Shalal and David Lawder; additional reports by Trevor Hunnicutt




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]