arum98@gmail.com - Insurers pull back as US climate catastrophes intensify

Insurers pull back as US climate catastrophes intensify   In June, Farmers Insurance announced in a company memo it will no longer write new property insurance policies in Florida, citing "catastrophe costs … at historically high levels." Earlier in the month, AIG stopped issuing policies along the Sunshine State's hurricane-vulnerable coastline. Those followed State Farm, California's largest homeowners' insurer, which in May announced a moratorium on new policies in the state, blaming "rapidly growing catastrophe exposure." The decision came after years of devastating wildfires have sent insurance rates in California skyrocketing.  Eric Andersen, president of consulting firm Aon plc, said in testimony before the Senate Budget Committee in March that reinsurance companies — the firms that help insurers pay out costs — have also stepped back from high-risk areas, particularly those vulnerable to flooding and wildfires.                     If you don't want to receive these emails in the future, please click here 14125 West State Highway 29 Suite B-203 (Box 372) Liberty Hill, Texas 78642