Re:PG&E-friendly wildfire bill being prepared by lawmakers i...
by ip26 on Wednesday November 21, 2018 @12:22AM
(#18500320)
Flood insurance is provided by the Fed, and heavily subsidized by the taxpayer aka you and I.
Re:PG&E-friendly wildfire bill being prepared by lawmakers i...
by tathougies on Wednesday November 21, 2018 @12:53AM
(#18500457)
Government subsidy?
And, as I said above, wildfire is covered in home insurance policies. However, the argument was about wildfire specific insurance. That is untenable since it would cause large insurance runs every year.
How do the insurance companies afford to insure places like in Florida and the lower East Coast, which seem to keep getting hammered with hurricanes year after year, getting worse year after year? And... can they keep up this pace? Apparently in 2017, fires "only" cost insurance companies ~$14B, out of ~$132B paid out. The majority was caused by Hurricanes Harvey, Irma, and Maria. 2017 was the 2nd costliest year on record in terms of natural disasters (have to wait for '18 numbers released in Jan). So why is fire insurance untenable while hurricane ins. isn't?
https://www.reuters.com/article/us-global-insurance-aon/2017...