Why Insurers Are Pulling Out of High-Risk Areas

Odd Lots

Bloomberg

News, Investing, Business, News Commentary, Business News

4.4 • 1.6K Ratings

🗓️ 25 September 2023

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

This year has seen a spate of insurance companies announcing that they're leaving markets like Florida and California, citing the increased risk of natural disasters, such as floods and wildfires. Elsewhere, premiums for certain types of insurance are skyrocketing — yet many insurance companies can't seem to turn a profit in certain areas. Melanie Gall is the co-director of the Center for Emergency Management and Homeland Security at Arizona State University, and she also manages the Spatial Hazard Events and Losses Database for the United States, known as SHELDUS. In this episode, we talk to her about what's driving insurers away from certain markets, and what can still be done to protect businesses and homeowners from catastrophe.

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0:57.2	Hello and welcome to another episode of the Adlots Podcast. I'm Tracy Alloway.
1:26.3	Joe, do you like watching the weather?
1:34.2	I can hear the pain in your voice. I was wondering how you're going to start this one.
1:40.4	I hate rain. I hate rain so much. Other than that, I don't know. It's not a big thing for me.
1:46.4	What about you open Connecticut? Is it a bigger deal up there?
1:49.6	I love weather. I am sort of an armchair meteorologist by which I mean I have several
1:55.6	weather apps. I get very excited about thunderstorms and other types of storms.
2:00.7	My husband, however, does not. He gets extremely anxious whenever there's a forecast of a
2:07.1	severe thunderstorm because inevitably it ends up dumping like two inches of rain where we are
2:12.2	and our basement starts to flood. I've lived in a house that had flood damage. It is extremely
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2:24.6	all of the lost damage and then like compensation and damage to the house is probably one of the
	...

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