“If you had to pick a canary-in-the-coal-mine industry to measure the extent to which climate change is real, I think insurance is probably the best one I can think of. The balance sheets—they’re not going to lie.”

Climate change is the fundamental driver behind insurers abandoning California, Florida and more than 200 zipcodes elsewhere in the U.S.

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Part of what's going on is that regulators can't keep up with the rate at which our climate is changing and the degree to which it's leading to increased payouts.

They're trying to keep policies affordable for regular homeowners and business owners.

But what they're finding out is, sometimes they can't.

Increasingly, some properties are so at risk that the only alternative is the state-funded insurer of last resort.

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So guess who is paying to rebuild properties all across the nation when they're destroyed by climate change-driven extreme weather?

You are.

You, the taxpayer.

As one source put it to me, we're socializing the cost of rebuilding where we probably shouldn't.

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