A call to change the way we insure our property in the face of climate change.

I'm David Brancaccio in New York.

As the Global Climate Change Summit continues in Dubai this week,

a call for insurance industry reform.

It comes from former Secretary of State Hillary Clinton as insurance companies pull away from

coverage in areas especially vulnerable to extreme weather.

Marketplace's Henry Epp has more.

It's increasingly difficult to get insurance for a home in fire-prone areas of California

or parts of Florida that are frequently in the path of hurricanes.

Some insurance companies have significantly increased rates or pulled out of those areas altogether.

At COP28 on Sunday, former Secretary of State Hillary Clinton called out that practice and said we need to quote

rethink the insurance industry. One way to do that is by offering what's known as

Parametric insurance rather than requiring policyholders to prove their losses, companies pay out whenever

certain extreme weather thresholds are met, say high temperature, wind speed, or rainfall amount.

As Reuters reports, some workers are already

benefiting from these plans in parts of Africa, Latin America, and Asia, but some in the

industry aren't sure they'll be financially viable as climate impacts worsen.

A research center linked to the Atlantic Council has been developing

Parametric insurance plans in recent years.

That center sponsored Clinton's COP28 talk and she was named a so-called ambassador for the group

earlier this year. I'm Henry Epp from Marketplace.

Alaska Airlines has reached a deal to buy Hawaiian Airlines for just under $2 billion.

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