Is the World Becoming Uninsurable? Climate Change and Systemic Risk

This article explores the increasing possibility of the world becoming uninsurable due to rising global risks. The author begins with their personal experience of being unable to obtain hurricane insurance, highlighting the increasing frequency of extreme weather events due to climate change, forcing insurance companies to withdraw from high-risk areas or raise premiums dramatically. The article criticizes the reliance on solely political or technological solutions, arguing that government mandates forcing insurers to provide coverage are unsustainable and will ultimately lead to taxpayers bearing massive losses. Historical precedents of climate-driven societal upheaval are reviewed, emphasizing how the current 'limitless possibilities' mindset ignores the constraints imposed by nature. The article concludes that the world is becoming uninsurable because many things taken for granted are no longer financially viable, and rising systemic risks are beyond the reach of purely political or technological solutions.