Insurance is a market driven business just like any other. If one insurer is a nervous nellie, and raises rates for fears that are unfounded, there will always be another insurer perfectly willing to leave rates be, and enjoy the influx of customers.
But this isn’t just a matter of raising rates. Insurance companies are dismissing entire cities and regions as uninsurable and walking away, expressly because of climate change. I’ll reiterate: they are walking away from customers who are willing to pay for insurance, because they think the risks are too difficult to quantify on account of changing climate patterns.
