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Is the world becoming uninsurable?

(charleshughsmith.substack.com)
476 points spking | 3 comments | 17 Jan 25 00:32 UTC | HN request time: 0.001s | source
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paleotrope ◴[17 Jan 25 02:25 UTC] No.42733418[source]▶
It seems like "severe storms" have increased quite a bit, the other categories not so much. What does "severe storm" mean here? Doesn't seem to mean hurricanes or winter storms. So what gives? Is this just political patronage handed out under the cover of claiming a big storm knocked some trees down?
replies(1): >>42733561 #
1. paleotrope ◴[17 Jan 25 02:45 UTC] No.42733561[source]▶
Ok so the source, https://www.ncei.noaa.gov/access/billions/time-series/US says,

"tornado outbreaks, high wind, hailstorms"

So most of this cost is roof damage. Which is an area rife with insurance fraud and getting worse.

replies(2): >>42734052 #>>42737523 #
2. JKCalhoun ◴[17 Jan 25 04:22 UTC] No.42734052[source]▶
Roof damage fraud ... my understanding is the insured has roof damage, takes a payment from the insurance company but does not repair roof, next storm comes along: roof damage again!

Easy enough I think to solve.

3. trollbridge ◴[17 Jan 25 13:55 UTC] No.42737523[source]▶
The main problem is (a) the cost of roofers has gone up significantly, (b) as a country we switched from more durable forms of roofing like slate to cheap forms that are harder to repair and easier to damage, like asphalt shingles, and (c) the roofing industry is now full of bad actors committing near-insurance fraud.