The U.S. Senate Budget Committee on Wednesday held a hearing to release a study they said confirms climate change is increasing non-renewal rates in multiple states, but the insurance industry clapped back by saying extreme weather is just part of the problem.
During the 90-minute hearing, entitled “Next to Fall: The Climate-Driven Insurance Crisis is Here – And Getting Worse,” chairman Sen. Sheldon Whitehouse (D-R.I.) said the committee’s conclusions were based on non-renewal data collected from 23 insurers representing about two-thirds of the homeowners insurance market, covering years 2018 through 2023.
The data, according to the report, “con