NYU CGA Associate Dean and Clinical Professor, Carolyn Kissane, recently published a piece in news source, The Messenger, discussing how extreme climate events caused by climate change are posing great financial threats to insurance companies and homeowners. The article, "The Latest Casualty of Climate Extremes: Insuring Your Home," describes a wide range of climate risks from extreme heat to flooding, pushing insurance companies to raise or eliminate insurance for vulnerable housing assets.
Kissane writes, "For most homeowners, real estate is a long-term investment. As the climate becomes more volatile, the risk of owning or investing in property becomes more expensive. Today's stranded assets also include homes, residential units and infrastructure that are becoming increasingly uninsurable, now high-risk assets due to climate change."
Read more from Carolyn Kissane's piece here.