(Outlet: ABC News) As climate disasters grow more costly, insurers aren’t paying policies. “The insurer’s goal is to collect more in premiums than they pay out in claims,” said Ben Keys, University of Pennsylvania Wharton School of Business professor of real estate and finance. “We’re seeing higher costs of materials, higher costs of labor, and those are growing faster than inflation.”…Read More
(Outlet: ABC News) As climate change continues to cause disasters across the country, some people in the most high-risk areas that have already seen massive destruction say they are being left behind. Experts say the situation has been compounded for a number of reasons, including insurers arguing that the risk of doing business there is just too high due to the elevated risk of wildfires and California laws that restrict how the insurance companies can price out their policies.…Read More
Things moved quickly at the 2023 Wharton Climate Prof, a fast-paced event that gave professors just five minutes to present years of their research at the intersection of business and climate change. But with research so provocative, five minutes was all they needed to engage the audience and leave them wanting more.…Read More
(Outlet: NPR) Many in Florida are finding homeowners’ insurance unaffordable, and it’s only getting worse. Benjamin Keys, a professor of real estate at the University of Pennsylvania, says, “What we have is a real changing landscape in insurance markets, a recognition that risks have increased in recent years. Disasters are occurring with more frequency and severity than previously forecast.”…Read More
(Outlet: Wall Street Journal) Climate-driven payouts are pressuring insurers, and some states are looking to keep premiums down. “The pendulum is swinging from being less friendly to insurers to putting them into a position of strength,” said Benjamin Keys, a professor of real estate and finance at the University of Pennsylvania’s Wharton School.…Read More
(Outlet: Knowledge at Wharton) Wharton professor of legal studies and business ethics Eric Orts explains how California’s new climate disclosure laws differ from the SEC’s proposed rule, and potential legal challenges to come.…Read More
(Outlet: The New York Times) The electricity needed to run A.I. could boost the world’s carbon emissions, depending on whether the data centers get their power from fossil fuels or renewable resources. New climate disclosure laws may play a role in the future of A.I. electricity consumption.…Read More
(Outlet: The Hill) The Securities and Exchange Commission (SEC) is expected to finalize a new rule this month to cover required corporate climate disclosures by public-reporting companies. But the bigger news is that California Gov. Gavin Newsom (D) has announced that he will soon sign into law two climate change disclosure bills passed by the state Legislature. Wharton Professor Eric Orts weighs in on these new environmental laws.…Read More
(Outlet: Global News) The cost of extreme weather is starting to hit Canadians at home – and could, experts warn, put downward pressure on real estate as buyers and sellers realize the true cost to protect a home has been underestimated due to its climate risk factor.…Read More
(Outlet: Reuters) A series of permit rejections for two high-profile carbon pipeline projects in the U.S. Midwest could bode poorly for carbon capture and storage (CCS) as a widespread solution to climate change, reflecting deep-seated public concern about its risks and environmental impacts. …Read More
