04 Jan '12, 6pm

Climate Risks, Insurance and the Next Financial Meltdown

Climate Risks, Insurance and the Next Financial Meltdown

That's because, sooner or later, storms will likely damage or destroy much of the property on the Florida shoreline. And, while a beachfront real estate revival may be welcomed by developers who, according to the Times, are "starting or restarting ambitious condo projects," the risks are being borne not by the developers or by the condo buyers or even by private insurance companies but, for the most part, by a state-run, not-for-profit, tax-exempt corporation called the Citizens Property Insurance Company . Citizens has become the biggest insurance company in Florida since it was created in 2002, and many of its policies ($232 billion worth, according to a 2009 story in the Miami Herald, referenced here ) are written on riskier, coastal properties. As a government-sponsored entity, Citizens has the implicit backing of Florida taxpayers who, you can be sure, will turn to th...

Full article: http://www.greenbiz.com/blog/2012/01/04/climate-risks-ins...

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