The global Insurance market is being destabilized by climate change as extreme weather events increase and claims rise. Insured losses from natural disasters in the US now reach $100 billion annually, compared to $4.6 billion in 2000. This has led to a spike in insurance premiums, with the average homeowner seeing a 21% increase since 2015. As a result, more people are forgoing coverage, leaving them vulnerable and driving prices even higher. Reinsurers have also raised their prices, causing insurance companies to pull back from risky areas like California and Florida.

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