Wildfires in California and hurricanes in Florida produced lots of claims. Housing prices and bills for construction and repairs have gone up, making claims larger. And insurance companies have had to pay more for reinsurance: Worldwide, average rates for reinsurance rose by a quarter last year and by another third this year, according to the London-based reinsurance broker Howden Tiger, an arm of Howden Group Holdings. Related: Climate Shocks Are Making Parts of America Uninsurable. It Just Got Worse and Farmers Insurance Limits Sales in Florida, California Amid Storm, Wildfire Risks and Your Homeowners’ Insurance Bill Is the Canary in the Climate Coal Mine
- Date Posted:
- July 24, 2023
A marked change in the occupational structure of jobs has meant that the proportion of low pay, low skill, informal sector jobs has been rising at the expense of higher paid, high skill jobs in manufacturing and construction. According to Stanford University professor Scott Rozelle, the ratio of informal to formal sector jobs 15 years ago was 40:60, but has now flipped. This is a particular problem for younger workers who are over-represented in low pay sectors and the gig economy.