Climate disasters have upended housing insurance markets in the US and globally. Policy solutions are now privatising climate change risks - with potentially disastrous consequences. https://thewire.in/environment/privatised-risk-is-letting-down-victims-of-climate-disasters
But privatising climate risks may backfire as people may resent bearing the costs of the collective failure to address the climate crisis. And privatising these risks spells trouble for public entities.
Raising alarm over wildfire or flood-related risks could bring down property prices and, in turn, reduce property taxes, which local governments rely on for providing public education, firefighting, and other vital services. At the same time, the worsening climate crisis imposes new costs on local governments
09/07/2025