"The Biden administration launched an unprecedented effort Tuesday to analyze how climate change is affecting property insurance costs and availability. The move comes as homeowners face soaring premiums in several states and dwindling insurance options.
The Treasury Department’s Federal Insurance Office said it plans to collect detailed information about policies and claims from more than 200 large insurance companies and will assess “climate-related exposures and their effects on insurance availability.”
The office does not regulate insurers — that’s done by state agencies — but its analysis could identify states or areas within states where property-insurance markets are shaky and could collapse as climate change contributes to more-damaging natural disasters."
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