Insurance companies are feeling the heat of climate crisis

To understand how bad the problem of climate change has become, it helps to follow the money.

On GZERO World, Ian Bremmer breaks down the impact of climate change on property insurance premiums, which effectively quantifies the growing risk of catastrophic weather events. Last year alone, extreme weather damage cost the world a staggering $165 billion. Formerly once-in-a-generation weather events like the California wildfires of 2017 or Hurricane Harvey in 2018 are becoming more and more common, leading to devastating financial consequences for homeowners and hikes in insurance premiums.

Insurance companies are raising rates in high-risk areas like California, warning that soon, the state may be impossible to insure altogether. It’s another reminder that even though climate change has become a political issue, those with a financial interest in the impact of extreme weather can’t afford to be complacent. Sometimes, the coolest head in the room is the one stuck in the sand.

Watch the full interview on GZERO World: Climate change: are we overreacting?

Catch GZERO World with Ian Bremmer every week at gzeromedia.com/gzeroworld or on US public television. Check local listings.