Category Archives for Just Transition
Facing the crisis of insurance in Miami and beyond: polycentric strategies for a risky world
Tl;dr –Check out the report on the 2024 Miami Dade Property Insurance Strategy Forum, now available on Insurance for Good. In this post, I’ll tell the story of how the strategy forum happened in the first place, and share my own takeaways from it.
When people learn that I’m from Miami, they sometimes ask me how long we have until it’s under water. I always respond that long before it’s actually flooded, the real estate market will sink under the collapsing insurance market (and with it, perhaps our entire economy). I’m not just a lone Cassandra here; at least some people well-established in the real estate and insurance sectors have been warning us about this for years. We’re already seeing this future intrude into our present: premiums in South Florida are climbing in many cases about 20% a year, and given the damage from Helene and Milton, we can expect that climb to accelerate next year. At this pace, most people simply won’t be able to afford insurance here within the next decade. Even if our decades-long lucky hurricane-miss streak holds, we’re already well on our way to being in over our heads.