An environmental group called today for a cap on greenhouse gas emissions that it said is causing weather catastrophes that have destroyed the insurance market in coastal states.
That recommendation came from the Washington-based non-profit Environmental Defense group, which unveiled a report titled "Blown Away: Insurance Erosion in America's Coastal States."
The group said that after the 2004 and 2005 hurricane seasons, insurance companies were "fleeing America's coastlines, raising rates, and shrinking coverage for homeowners and businesses in the coastal states of America's Southeast and Gulf of Mexico coastal states. Where insurance is either unavailable or unaffordable, ever-greater numbers are turning to state-run insurers of last resort."
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