Climate change reality check
Don't believe in climate change? Well, insurance companies do. "We are well on the road to the inevitable political crisis that will be sparked by insurance. State Farm just stopped selling home insurance in California, due to wildfire and other climate-driven risks. Coastal states in the path of hurricanes have seen tons of insurers pull out altogether in recent years, and the ones left are handing down eye-watering premium increases to homeowners. Florida property insurance rates are rising 40% in a single year(!). In Louisiana, it was even worse—the state insurance of last resort bumped its rates 63% this year. Increases like this prompt predictable outrage. “Louisiana needs a healthy, competitive insurance market,” a typical editorial went, “but not at the cost of making it difficult-to-impossible for Louisianans to remain in their homes.” "And sure, you don’t have to be great at math to see that an annual insurance bill that compounds at something like 50% a year is,...