Next Financial Crisis ‘to Be Triggered by Uninsurable Homes’

The Piss Poor Telegraph has really embarrassed itself this time with a new story here.

According to the article:

Britain faces the threat of a financial crisis as climate change makes homes harder or even impossible to insure, experts have warned.

Senior figures in the City of London have said insurance companies will raise prices on home insurance, exclude protection, or pull cover from the market altogether in the face of growing ecological risks such as flooding, subsidence and wildfires.

They have written to policymakers in government, the financial regulator and the Bank of England, claiming insurers are not being truthful about the true scale of the growing problem.

Represented by a whistleblowing organisation called Inside Track, a number of senior industry figures have warned insurers are underpricing the risk of changing weather patterns, either through insufficient forecasts or by dismissing modelling numbers to “concentrate on doing deals while times are good”.

There is no evidence that the warning has come from “senior figures in the City”, or that they even have any expertise at all.