Insurance

In my novel Oblivion's Cross, the collapse of the insurance industry signals the beginning of the end. "First to go were the largest re-insurance firms..." Insurance is a key part of capitalism's structural foundation; it spreads risk so that the system of speculation and investment can happen. That is why the piece in the NYTimes today was more than a little interesting. They have done some reporting on the states where the insurance industry is losing money and that map is startling. Due to massive losses, rates are skyrocketing and terms are getting stingier, making homeowners unable to even find insurance or assume greater levels of risk in the form of high deductables. Some of these states, like Florida and California, are predictable. Others in the mid-west were a surprise.But because climate-change induced storms are becoming more destructive, wind and hail events, or flash-flooding like they are experiencing in Texas as I write this, insurance companies are throwing in the towell. They can see what policy makers and much of the population can't: this is going to get very bad, very soon. Tornadoes are getting crazier. Storm surges are taking out homes just being re-built after the last storm. With the Atlantic experiencing record heat, this could be the hurricane season which delivers the final blow. That or massive wild fires. About the same time the Colorado River dries up. I'm trying not to sound too hopeful.