Events such as Hurricane Irma, seen here flooding Las Olas Boulevard in Fort Lauderdale in 2017, have a major impact on insurance claims in Florida, and they're likely to become more frequent and intense as the ocean gets warmer. Credit: Satoshi Kina/Adobe Stock. 'It's a Big Problem': The Insurance Industry Is the Harbinger of South Florida's Climate Change Risks
"If there's a direct-hit Category 5 storm that hits Miami, you're going to see 20 insurance companies go bankrupt and are not going to be able to pay claims. It's become a big problem," said South Florida insurance broker Joseph Gendelman.
August 29, 2022 at 07:00 AM
12 minute read
Insurance
South Florida's increasing flood and storm risks are pushing its insurance market to a breaking point, according to industry experts, who say what happens next will influence the decisions that real estate and business leaders make for years to come.
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