High Risk Climate Locations To Be Shut Off By Insurers

An article in today's  Guardian,  'Climate crisis on track to destroy capitalism, warns top insure',  predicted climate change will bring an end to capitalism. Noting that,

The world is fast approaching temperature levels where insurers will no longer be able to offer cover for many climate risks, said Günther Thallinger, on the board of Allianz SE, one of the world’s biggest insurance companies. He said that without insurance, which is already being pulled in some places, many other financial services become unviable, from mortgages to investments.

Basically, places deemed uninhabitable, or close to it, will be shut out from the insurance market and further investment. 

Günther Thallinger, added  this is bad for the overall financial sector,

“This applies not only to housing, but to infrastructure, transportation, agriculture, and industry,” he said. “The economic value of entire regions – coastal, arid, wildfire-prone – will begin to vanish from financial ledgers. Markets will reprice, rapidly and brutally. This is what a climate-driven market failure looks like.”

For years I have been talking about how climate change will devastate certain areas and encourage climate migration. The inability to buy insurance and a dearth of investment to a local  is going to devastate certain parts of America and the world at large. More publicity like this will push people to move and create a self-fulfilling prophecy.