The Gunas of Gardi Sugdub are the first of 63 communities along Panama’s Caribbean and Pacific coasts that government officials and scientists expect to be forced to relocate by rising sea levels in the coming decades.
It’s already a problem they are ignoring. Property insurance costs are becoming untenable and new insurers leave the state entirely every year. People will be forced out of those areas due to costs alone long before the sea engulfs them. You can’t get a mortgage for a property nobody will insure.
Insurance companies could refuse to insure drilling projects, pipelines or oil ships and stop the oil industry in a whimp. Isn’t going to happen because oil companies can join forces and create a new insurance company and insure themselves.
Yeah. It is possible that one bad hurricane season could bankrupt the state as the state of Florida has become the insurer of last resort for a large chunk of the state.
It’ll be interesting to see how Florida handles this when it becomes a problem they can no longer ignore.
It’s already a problem they are ignoring. Property insurance costs are becoming untenable and new insurers leave the state entirely every year. People will be forced out of those areas due to costs alone long before the sea engulfs them. You can’t get a mortgage for a property nobody will insure.
The hypocrisy of corporations amuses me in those situations.
Corporations: everything is peachy keen! The environment will be just fine. Trust us!
Homeowners: great! Getting home insurance won’t be a problem, then.
Corporations: are you nuts? It’s way too risky!
Ahh yes, the massive driver of climate change… insurance policies.
Insurance companies often force positive change long before regulators or lawmakers get off their asses.
When rich people’s money is at stake, things get done!
Exactly
Insurance companies could refuse to insure drilling projects, pipelines or oil ships and stop the oil industry in a whimp. Isn’t going to happen because oil companies can join forces and create a new insurance company and insure themselves.
I didn’t mean to imply they were doing it out of some moral motivation. When economic incentives line up right is when they push positive change.
Yeah. It is possible that one bad hurricane season could bankrupt the state as the state of Florida has become the insurer of last resort for a large chunk of the state.