U.S. Disaster Costs Doubled in 2020, Reflecting Costs of Climate Change
A recent article in the New York Times reported that disaster costs from hurricanes, wildfires, and other disasters in the U.S. were $95 billion in 2020, more than double the previous year's costs. These disasters, which reflect the growing impacts of climate change, include California's largest-ever wildfires and a record number of Atlantic storms, including Hurricane Laura.
"The new numbers come as the insurance industry struggles to adjust to the effects of climate change. In California, officials have tried a series of rule changes designed to stop insurers from pulling out of fire-prone areas, leaving homeowners with few options for insurance," says the article.