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Is the world becoming uninsurable?

(charleshughsmith.substack.com)
478 points spking | 1 comments | | HN request time: 0.319s | source
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ashryan ◴[] No.42739915[source]
In my NYC neighborhood, we seem to be going through a whole slew of businesses closing shop within the last year and change.

One obvious reason is rent hikes.

But as one of my favorite local bars was closing, one of the staff mentioned that insurance was really starting to kill them.

We don't live in a flood-prone part of NYC, so I'm curious: is insurance for retail space really going up dramatically across the board in NYC, or was this a single, subjective understanding of a situation?

replies(3): >>42740004 #>>42740228 #>>42740548 #
1. Hilift ◴[] No.42740548[source]
Yes, retail insurance is up. This is due to crime and theft. In some cases, it's the we don't want your business/headache rate hike. NYC has about 835,000 unauthorized immigrants. That is up from about 400,000 in 2022.

https://capitaloneshopping.com/research/shoplifting-statisti...

https://www.thecity.nyc/2024/02/21/shoplifting-surge-nyc-sma...

https://nypost.com/2024/05/20/opinion/nyc-crime-wave-continu...