Thursday, 31 August 2023

Insurers Like It Rare?

Hurricane Idalia made landfall in a relatively sparsely populated area of Florida, before going on to create further havoc in Georgia and the Carolinas. This will have kept insurance costs down, somewhat. In spite of this, Idalia has an estimated preliminary cost of almost $10bn. It could still prove to be the US's costliest climate disaster of 2023 (https://www.theguardian.com/us-news/2023/aug/31/hurricane-idalia-cost-update-category-3-florida-georgia). Unfortunately, billion dollar climate disasters are increasing frequent in the US. Insurance companies want to make money. They operate on the basis of having to pay out for occasional disasters. Predictably, there's been a flight of insurance companies from Florida. Getting reinsured is going to get a lot harder, even in Mar-a-Lago.
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