What to do when the US becomes uninsurable
I thought we were done with masks. But no. New Yorkers were wearing them again last week, at least those of us who dared to go out on the street, as the city was blanketed with thick plumes of smoke from Canadian wildfires that have been burning for more than a month. School and outdoor events were cancelled and residents were warned to stay inside, as air quality hit its worst recorded level ever. New York became, albeit briefly, one of the most dangerous places on the planet to breathe.
Bizarre as it was to see the city covered in a Delhi-esque haze, this was no black swan event. Wildfires have raged in recent years across California, south-east Australia, Canada and parts of the Mediterranean, thanks to higher temperatures and longer dry seasons. According to the reinsurer Munich Re, global losses from wildfires between 2018 and 2022 reached $69bn, with insurers paying out $39bn in claims.
This story originally appeared on: Financial Times - Author:Rana Foroohar
