Stop the Insurance Crisis: Publish Data to Protect Homes
To:
Steven E. Seitz
Director
Federal Insurance Office
Dear Director Seitz,
We, the undersigned individuals from across the United States, urge you to swiftly publish data and analysis from the property and casualty market intelligence data call on the impact of climate change on insurance affordability.
People’s homes are being threatened or destroyed by more frequent and severe climate disasters, while their finances are driven to the breaking point by insurance premium increases. The public deserves data to make informed decisions about their homes.
The insurance crisis is quickly spreading throughout the country, even to homes that are nowhere near the coast. Low-income communities and communities of color are disproportionately exposed to wildfires and floods, putting them at high risk from insurance hikes and withdrawals.
While the Federal Insurance Office (FIO) and the National Association of Insurance Commissioners have taken an important step by collecting data, we need public data and analysis to understand the scale of the crisis and to mitigate risks to our homes and the economy.
The insurance industry is incredibly opaque. We deserve a look behind the curtain into an industry entrusted to safeguard our security, which has too often chosen to put profits over people.