‘Today’s Climate Crisis is Tomorrow’s Banking Crisis,’ Report Warns
Banks are increasingly stuck with uninsured properties as insurance companies pull out of certain states
Rising losses from extreme weather events will eventually mount on the balance sheets of banks, according to a report released Wednesday by public interest group, Better Markets.
As insurance companies pull out of states like Florida and California, and as premiums rise across the nation, lenders risk holding mortgages on uninsured properties in harms way of more frequent storms, according to “The Unseen Banking Crisis Concealed Behind the Climate Crisis.”
