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Home Insurance With Kyla Scanlon | The Brainstorm EP 58
Aug 28, 2024
In this discussion, home insurance expert Kyla Scanlon joins Sam Korus, Director of Research at Autonomous Technology and Robotics, and Associate Portfolio Manager Nick Grous. They delve into the current home insurance crisis, highlighting the troubling gap between housing supply and available insurance. Kyla discusses how climate change and rising natural disaster frequency impact costs, while regulatory challenges create affordability issues. The conversation emphasizes the need for collaboration between insurers and policymakers to protect homeowners.
23:45
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Quick takeaways
- The home insurance crisis arises from climate change and natural disasters, resulting in higher premiums and insurer market exits.
- Regulatory measures significantly impact home insurance affordability, leaving homeowners underinsured despite escalating risks and costs in many states.
Deep dives
The Home Insurance Crisis Explained
Home insurance is under significant pressure due to various factors, primarily linked to climate change. With increasingly frequent and intense natural disasters, insurers are struggling to manage risks associated with properties, leading to higher premiums and more companies exiting certain markets. For instance, statistics reveal that disasters causing over a billion dollars in damages have surged from three in the 1980s to 28 last year, highlighting the growing unpredictability of risks. As catastrophic events become more common, the financial responsibility of insurers becomes untenable, resulting in a widespread home insurance crisis across many states.
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