Insurers pull back as US climate catastrophes intensify ...Middle East

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Insurers pull back as US climate catastrophes intensify
source : The Hill ( Middle East ) () 32
The insurance industry is increasingly wary of the risks presented by climate and natural disasters, prompting major firms to scale back their presence in more vulnerable states. 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 single homeowners’ insurer, which in May announced a moratorium on new policies in the state, blaming “rapidly growing catastrophe exposure.” The decision came after years o

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