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Climate change: Natural and weather disasters take toll on insurance industry

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The heightened risk of natural disasters has led insurance companies to withdraw from states like California and Florida. According to a report from the First Street Foundation, over 39 million properties are now facing the prospect of increased prices and reduced coverage. Jeremy Porter, Head of Climate Inspections for the First Street Foundation, spoke to Yahoo Finance's Julie Hyman and Jared Blikre about mounting debt due to rising inflation and escalating disaster-related payouts has led to more insurance payouts as a result. "Insurance companies are simply responding to the fact that it's just not sustainable, from an actuarial standpoint, to continue to price premiums at the levels that they have been for decades," Porter tells Yahoo Finance. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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