US home insurers suffer biggest loss of century in 2023
-U.S. home insurers suffered their worst underwriting loss this century in 2023, as a toxic mix of natural disasters, inflation and population growth in at-risk areas put a vital financial market under acute pressure, according to rating agency AM Best.
The report identified increasing population in the areas most vulnerable to natural disasters as a key factor — citing census figures showing that six states prone to severe weather, including California, Texas and Washington, accounted for half of the country's population growth in the 2010s. "Construction in catastrophe-prone areas adds to flood risk. It also increases the risk of wildfires in areas prone to them due to human activity, as well as utility companies, he added."
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