WASHINGTON (Reuters) – Climate-related weather events are costing American households, businesses and insurers billions of dollars in losses, and there is no sign that they will ease up, the U.S. Treasury’s top climate official told Reuters on Thursday. Climate counselor John Morton said Treasury’s Federal Insurance Office (FIO) https://www.federalregister.gov/documents/2021/08/31/2021-18713/federal-insurance-office-request-for-information-on-the-insurance-sector-and-climate-related was seeking public input to better understand and assess the insurance-related risks posed by climate-related weather events such Hurricane Ida. “Just last year, climate-related weather events resulted in nearly $120 billion in losses, and … close to $50 billion of that were uninsured losses,” Morton said in an interview. “We’re seeing not only the insurance sector take an increasingly severe and regular hit, but we’re seeing American households, American small businesses be affected at significant levels,” he said. “The question is, how do we … better understand and begin to price the risk inherent in the underlying activities,” he said.

Source: MetroXpress September 09, 2021 22:41 UTC