The Economist magazine talks about the insurance industry. Many homes are uninsurable because of the rising ocean, flooding and wildfires. Insurance companies can’t sustain the losses and remain solvent. These properties are not insurable. This is what happens to capital holdings from ignoring climate change.
A property without insurance means no bank mortgage. The property value diminishes, as it becomes a cash purchase only. So, when the insurance industry collapses, then the mortgage industry collapses, property values collapse and property taxes collapse, and then … what’s next?
Climate change is not a hoax. Deal with it. That’s a capital idea.
Patrick Quinn
Winterport
We invite you to add your comments. We encourage a thoughtful exchange of ideas and information on this website. By joining the conversation, you are agreeing to our commenting policy and terms of use. More information is found on our FAQs. You can modify your screen name here.
Comments are managed by our staff during regular business hours Monday through Friday as well as limited hours on Saturday and Sunday. Comments held for moderation outside of those hours may take longer to approve.
Join the Conversation
Please sign into your CentralMaine.com account to participate in conversations below. If you do not have an account, you can register or subscribe. Questions? Please see our FAQs.