Researcher at University of Miami Releases New Data on Science (Insurance and climate risks: Policy lessons from three bounding scenarios): Science

Insurance Daily News

2024 DEC 03 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- A new study on science is now available. According to news reporting out of the University of Miami by NewsRx editors, research stated, “Climate change poses complex risks without precedent that challenge established planning and risk management tools, including property insurance.”

Our news journalists obtained a quote from the research from University of Miami: “The nature and timing of transitions in markets and institutions in response to growing climate risks will shape prospects for future socioeconomic well-being. As property insurance markets in the United States face higher levels of turmoil, policymakers are weighing various interventions to stabilize not only insurance but also housing and mortgage markets.”

According to the news reporters, the research concluded: “We identify policy lessons based on the investigation of three bounding scenarios designed to address the question of how near-term (1 to 3 y) policy and regulatory choices surrounding insurance markets in Florida could influence medium-term (3 to 15 y) risk levels, disaster recovery, housing markets, and local economic outcomes. Since our policy choices today have a profound impact on future outcomes, careful consideration of the longer-term impacts of today’s policy choices is required to secure more effective and equitable adaptation decisions and pathways.”

For more information on this research see: Insurance and climate risks: Policy lessons from three bounding scenarios. Proceedings of the National Academy of Sciences, 2024,121(48). The publisher for Proceedings of the National Academy of Sciences is Proceedings of the National Academy of Sciences.

A free version of this journal article is available at https://doi.org/10.1073/pnas.2317875121.

Our news editors report that additional information may be obtained by contacting Katharine J. Mach, Department of Environmental Science and Policy, Rosenstiel School of Marine, Atmospheric and Earth Science, University of Miami, Miami, FL 33149. Additional authors for this research include Carolyn Kousky, Galen Treuer.

ORCID is an identifier for authors and includes bibliographic information. The following is ORCID information for the author of this research: Katharine J. Mach (http://orcid.org/0000-0002-5591-8148).