Instant Insights / The Impact of Climate Change on P&C Insurance

Scientists have built consensus around the probability that more powerful floods, fires, droughts and storms will occur with higher frequency as the Earth gets hotter.


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Southampton, NY coastline The costly homes on New York’s Long Island and in the suburbs of San Francisco make governments in those areas particularly vulnerable to a change of fortunes resulting from rising sea levels, according to data from the Union of Concerned Scientists. (Photo: Shutterstock)

(Bloomberg) – Almost no city stands to lose as much money from climate change as Southampton, New York.

The affluent Long Island suburb — where the median price of a home for sale is almost $2 million — has the second highest level of its property-tax revenue at risk among municipalities with a high likelihood of chronic flooding in the next twelve years, according to data gathered by the Union of Concerned Scientists. Only Central Coast, California had more.

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