Letter: Flood Insurance Relief Act would provide a non-refundable tax deduction for flood insurance premiums

Dear editor,

U.S. Senators Ashley Moody (R-FL) and Rick Scott (R-FL) have introduced the Flood Insurance Relief Act to reduce the financial burden of rising flood insurance costs on homeowners. This legislation would provide a non-refundable tax deduction for flood insurance premiums. Rep. Byron Donalds (R-FL) has introduced a companion bill in the House.

Related to this, I encourage reading a compelling article by Günther Thallinger, board member of Allianz SE, one of the world's largest insurance companies. It's titled, "Climate, Risk, Insurance: The Future of Capitalism." Here's an excerpt:

"Heat and water destroy capital. Flooded homes lose value ... Entire asset classes are degrading in real time, which translates to loss of value, business interruption, and market devaluation on a systemic level."

Thallinger argues that climate change threatens the very viability of capitalism by undermining the insurance industry, the financial sector, and, ultimately, the entire market system.

To limit further atmospheric warming, he advocates urgently reducing and capturing carbon dioxide emissions. Thallinger asserts that technological solutions — solar, wind, batteries, green hydrogen — already exist and must be rapidly deployed at scale.

It's important to look to independent organizations like the insurance industry when evaluating the threat posed by climate change. Because this industry depends on scientific evidence to assess risk, it is less amenable to politicized science.

Terry Hansen

Milwaukee