Warning: Insurance Will Cost More

Climate change. Global warming. It’s happening. And it’s going to cause your insurance costs to go up. When and how much are the questions.

The insurance industry is a business. When it comes to paying for claims and making a profit, insurance companies and regulators pay close attention to the details.

The recent National Climate Assessment report asserts that climate change is affecting all areas of the United States and the economy.

The world’s oldest insurance company, Lloyd’s of London, has called on the industry to recognize the likelihood of increased risk from property damage to economic and food insecurity.

Recognizing increased risk will mean setting aside more money, which means prices for insurance are going to go up.