Climate change

Following deadly flash floods in Texas, the Office of the Comptroller of the Currency allowed national banks to close branches for safety.

Even before January's fires in Los Angeles, change-of-address data shows residential moves based on fire risks and insurance availability.

While attention traditionally focuses on damage to coastal markets, the economic effects stretch into "safer" communities nationwide, according to Cotality.

Recent wildfire updates include the Federal Housing Authority's waiving of quality-control reviews and the upheaval of the state's commercial real estate space.

Slow repair cycle times, widespread premium increases and the volume of catastrophic events all contribute to dissatisfaction, according to the U.S. Property Claims Satisfaction Study from J.D. Power.

Digital Insurance spoke with Jonathan Collura, president and CEO of Specialty Risk RE, about how reinsurers could stabilize the home insurance market in areas affected by natural disasters.

The rapid rise in the cost of both insurance coverage and taxes leaves close to half of homeowners worried about their ability to make payments.

Implemented in January, the Biden administration rule addressed flood risk in designated zones, setting building levels that were higher than FEMA standards.

Between the estimated damages in Los Angeles and rising home insurance prices, policyholders are left wondering how the market will fare in 2025.

Ice storms, straight-line winds and tornadoes occur more frequently than hurricanes and earthquakes and those insurance claims can stack substantially.

It's not an unthinkable notion. There have been a handful of attempts at systematically moving populations away from regions severely affected by climate change.

The insurance market going into the Jan. 7 catastrophe already had been hit with non-renewals and cancellations -- and an overburdened state-supported insurance plan. A Morningstar analyst said the state insurance commissioner's reform strategy could have turned it around but now faces new obstacles.

The National Flood Insurance Program has been kept alive with short-term authorizations since 2017. Flood risk data and increased use could strengthen it.

The California FAIR Plan Association, already vulnerable financially, will likely need an assessment of insurers or policyholders as a rescue measure, according to experts.

California's governor previously prohibited price gouging for building materials and housing services after wildfires destroyed or damaged 12,000 structures.

The Palisades fire, stretched across an area larger than Manhattan and where the median home price approaches $4 million, has damaged or destroyed more than 5,000 structures.

Verisk and Moody's are the first two modeling companies to submit their models to the California Department of Insurance. A Verisk executive explained the functioning of their model and what insurers' options are.

A trio of blazes in SoCal have destroyed over 2,000 homes and structures in neighborhoods with average property values well above the national average.

American Forestry, a non-profit conservation group, partners with Travelers to promote proactive fire prevention methods for homeowners.

The average surplus premium to protect property this year was roughly $46,000 in the wealthy enclave and the situation is only likely to worsen as climate change ups the odds of destructive wildfires.