Major insurers say they will cut out damage caused by hurricanes, wind and hail from policies underwriting property along coastlines and in wildfire country, according to a voluntary survey.
In the aftermath of extreme weather events, major insurers are increasingly no longer offering coverage that homeowners in areas vulnerable to those disasters need most.
That means individuals and families in places once considered safe from natural catastrophes could lose crucial insurance protections while their natural disaster exposure expands or intensifies as global temperatures rise. In its response to the regulators' survey, Nationwide said it no longer underwrites coverage for"properties within a certain distance to the coastline" because of hurricane potential.
Hurricane Idalia brought severe flooding to Georgia and the Carolinas, and tore through parts of Florida that had never experienced direct hits from a major storm. Tropical Storm Hilary caused $600 million in damage on the West Coast, according to Karen Clark & Co., a leading catastrophe modeling firm. The fires on the Hawaiian island of Maui, whose cause is still under investigation, led to $3.2 billion in property damage, the firm said.
"There's no place to hide from these severe natural disasters," said David Sampson, president of the American Property Casualty Insurance Association."They're happening all over the country and so insurers are having to relook at their risk concentration." Many of the policy changes, experts say, may be unfavorable to certain consumers but are important for the survival of the wider insurance market.
"The fact that insurers have the capacity to limit their exposure or change their exposure over time means at the end of the day their concerns are not fully aligned with the concerns of their policyholders," Schwarcz said.
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