When insurers can no longer afford the risk

In 2023, two major insurers joined a growing list of companies that will no longer offer new home insurance policies in California. In Florida, the situation is worse, with more than a dozen large home insurance companies retreating from the state. Both states have seen devastating property losses due to extreme forest fires and hurricanes - risks that are only increasing due to the changing climate.But why can’t the insurance companies simply adjust premiums to reflect the changing risk that...