Senate committee says insurance is getting more expensive because of climate change
Climate change is making it more expensive for many Americans to insure and protect their homes and property. That's the finding of a two-year investigation by the Senate Budget Committee.
"Climate change is no longer just an environmental problem, is our conclusion here — it is an economic threat," Sen. Sheldon Whitehouse (D-R.I.), chairman of the Senate Budget Committee, said during a hearing on Wednesday. "And it is an affordability issue that we should not ignore."
The final hearing coincided with the release of a report from the committee detailing how extreme weather events made more severe by climate change is driving increasing both insurance policy non-renewal rates and premium costs across the country.

"The data released with this report demonstrate climate change beginning to upend insurance markets around the country," the report reads.
Benjamin Keys, a real estate and finance professor at the University of Pennsylvania's Wharton School, testified before the committee, saying, "Both affordability and accessibility issues have reached a crisis point in many communities around the country."
He explained that the data shows the rate of policy non-renewals have almost doubled since 2020.
"The most striking pattern from the data is that both premiums and non-renewal rates are higher in markets with more disaster risk," Keyes said.
"Insurers are responding to larger realized disaster losses, better data and risk models and growing reinsurance costs," Keys explained. "Some of the largest insurance companies have exited markets, deciding that they cannot charge premiums that adequately reflect this growing risk."
Ranking member Sen. Chuck Grassley (R-Iowa) expressed disappointment that the committee spent so much time on this issue. However, he said he agrees that "climate change is a serious issue meriting discussion."
"I remain convinced that the budget committee should be focused on the immediate fiscal problems facing our country," Grassley said.
"The climate crisis that is coming our way is not just about polar bears. It's not just about green jobs. It actually is coming through your mail slot in the form of insurance cancellations, insurance non-renewals and dramatic increases in insurance costs," Whitehouse said while closing the hearing.
-ABC News Climate Unit's Kelly Livingston








