Why a Monster Third Wave of Climate Change-Driven Insurance Cancelations and Skyrocketing Rate Increases Are About to Happen Worldwide?

The coming new insurance cancelations and skyrocketing rate increases will significantly change financial conditions for many. It will also cause huge changes in the global real estate market and other markets, such as food commodities.


The following article describes an unstoppable new wave of home, business, farm, mortgage, auto, life, and crop failure insurance cancelations and skyrocketing rate increases due to escalating climate change consequences. The most common climate change consequences driving this massive change in worldwide insurance coverage are defined, in part, as heatwaves, heat domes, droughts, wildfires, hurricanes, cyclones, tornados, floods, flooding, sea level rise, rain bombs, wind storms [Derechos], dust storms, wildfire smoke events, unseasonable cold spells, and other abnormal, unseasonal, or record-breaking weather related to rapidly accelerating climate change.

If any of the above climate change-driven weather events are occurring near you or those you love, this article is critical reading for your near-term financial planning and insurance and real estate future.

(The links throughout this article include reference documentation and expanded facts and analysis.)


In 2016, we told our Job One climate change think tank members that worldwide insurance and reinsurance companies would start canceling home, business, and farm insurances or skyrocketing their rates, but only in the highest-risk climate change areas. They did. 

In 2020, we told our Job One members that worldwide insurance and reinsurance companies would expand their canceling of home, business, and farm insurance or skyrocket their rates in many more higher-risk climate change areas. The insurance companies did so to the extent that numerous major insurance companies canceled coverage in entire US states like California, Florida, etc.

Today, in 2023, we are once again alerting our Job One members to the new third wave of worldwide insurance and reinsurance cancelations or skyrocketing rates for not only home, business, and farm insurance but also traditional mortgage insurance and auto, life, and crop failure insurance in every area where climate change risks are being rated at medium to higher-risk.


The third and largest-ever wave of worldwide insurance and reinsurance cancelations or skyrocketing insurance rates is occurring for many legitimate financial and related reasons.

Those reasons are:

A. Worldwide insurance and reinsurance companies executives have realized that the information they were previously receiving from governments and the UN’s IPCC (the Inter-governmental Panel on Climate Change) had been significantly corrupted and significantly underestimated by the secretive and coercive “lobbying” and other actions of the global fossil fuel cartel seeking to maintain its $28 trillion a year business. Because of finally realizing that the fossil fuel industry had distorted reliable climate change information, worldwide insurance and reinsurance companies have now acquired uncensored, accurate climate change information and predictions like those found on this website for their actuaries.

They have kept their actuaries busy recalculating their risks using uncensored, more accurate climate change data because the insurance industry, more than most other industries, cannot survive financially on inaccurate risk assessment data of any kind. Most of the larger insurance companies are now fully aware that the climate information they received from the IPCC (and governments) had been underestimated through various nefarious fossil fuel cartel manipulations by as much as 20 to 40% regarding climate consequence severity, climate consequence timetables, and effective climate change solutions.

B. Worldwide insurance and reinsurance companies now unequivocally know how dire the global climate change emergency actually is and how fast it is worsening, and that they will never be able to cover the rapidly rising losses from the escalating consequences of climate change. If they try, they will soon go bankrupt. They now know there is no way for their current business model to absorb and survive the hundreds of trillions of dollars in climate change damages and losses predicted from now until 2050.

C. Worldwide Insurance and reinsurance companies also know they have a limited time window to exit all climate change consequence medium to higher-risk insurance coverages before 2025. They now know that from 2025 to 2031, climate change consequences worldwide will rise dramatically, far beyond what we see today. This dramatic climate change consequence rise is due primarily to crossing major climate change tipping points from 2025-2031. This sudden and dramatic worsening of climate change consequences between 2025 to 2031 also means that no insurance company can afford to adopt a "slow or gradual rate increase strategy" and still survive the sudden surge in climate change-related damage and losses soon occurring.

D. In the executive suites of worldwide Insurance and reinsurance companies, senior executives openly discuss that escalating climate change is not an act of God. Climate change is also not an unpredictable or chance random accident. They see that climate change damages directly result from the continuous, conscious, and intentional actions of the global fossil fuel cartel and its regulators. These executives realize that just as insurance and reinsurance companies currently do not insure many forms of intentional acts and their consequent damages, they must also quickly eliminate all risk exposures to the rapidly accelerating climate change losses. They now recognize climate change is intentionally caused by the global fossil fuel cartel. If they do not act quickly, insurance executives also know that they will be fired by their boards and rapidly replaced by someone who will find a way to immediately exit all climate change-related policies and exposures.

E. Worldwide insurance and reinsurance companies know that to survive and remain solvent, they now have no choice but to rapidly transfer ALL climate change consequence risks, financial losses, or recovery costs back onto:

      1. the global fossil fuel cartel causing these losses. (The cartel is directly responsible for decades of toxic atmospheric carbon pollution from their dangerous products.) 
      2. the incompetent governments and politicians that allowed this climate nightmare and emergency to continue over the last 60 years,
      3. local charities, and as a last resort,
      4. individual citizens who are not demanding their governments end the climate change emergency

Get ready. The new watchwords for the global insurance and reinsurance industry have now become: “We know what is coming. We need to eliminate all climate change consequence-related insurance exposures as quickly as possible.”



Worldwide insurance and reinsurance companies have anticipated large-scale backlash from their customers and local, state, and national governments 

They are prepared for this backlash. They will argue in and out of court that climate change damages are not their problem and that there is no other alternative for their financial survival other than to immediately cancel all climate change coverages or set rates that no one could afford.

Senior insurance management will also vigorously argue that dropping all climate change-related coverages or skyrocketing the rates to levels no one could afford is only climate justice.In alignment with the principles of climate justice, they will vigorously argue that the global fossil fuel cartel must finally be held legally and financially accountable worldwide for the climate change damages caused by their products by allowing citizens, businesses, and nations to sue them directly in courts at every level.  

Senior insurance management will also vigorously argue that it was the insidious and malicious global fossil fuel cartel's tactics over the last 60 years that have continuously prevented the world's governments from resolving the climate change emergency because the world's largest cartel decided it did not want to lose its obscene profitability levels. They will vigorously argue that the global fossil fuel cartel has been unjustly externalizing its climate change pollution and climate damage costs onto insurance companies, local, state, and national governments, and taxpayers for decades and that climate justice demands that it is time for the global fossil fuel cartel to be held legally and financially responsible for its actions.


Which kinds of insurance policies will be most affected?

Home, business, farm policies, and related mortgage insurance will suffer the most cancellations and highest rate hikes, along with crop failure insurance. Autos currently in moderate to high-risk areas will also see significant increases in rates to cover the massive losses that will occur as flooding, rain bombs, severe storms, wildfires, etc., cause record-breaking damage. As the many climate change consequences increase in severity, frequency, and scale, tens of thousands of autos and trucks will be rendered total or near-total losses in a single climate disaster within population-dense areas.

Even life insurance policies will rise dramatically in moderate to high-risk areas because climate change-related casualties are predicted to increase steadily to as many as several billion people by 2050. The life insurance industry has never faced a challenge to its future profitability as the coming massive climate change die-off.


Policy cancellations and massive rate increases are not the only way insurance companies will be rapidly exiting out of existing climate change-exposed coverages

If you don't see your policy canceled immediately or your rates soar by a multiple, so there's no way you can afford them, and you're in a medium to high-risk area; there is another strategy that insurance companies worldwide are implementing. They will be adding clauses to existing policies and new terms that state in one form or another, "all known or predicted climate change-related damages will not be covered by this policy." They will probably list many of the climate consequences in these new policies, or they may include the new no climate coverage clauses in small print. Read any easily obtained new or renewed insurance policy very carefully. (This page contains many of these climate change consequences over the next several decades.)


What do these insurance troubles mean to the global real estate market?

Massive worldwide insurance cancellations and skyrocketing rates will make buying and selling homes in medium to higher-risk climate change areas much more difficult. This next wave of widespread, sudden insurance cancellations or skyrocketing rates will also create massive housing and building shortages in the most desirable climate-safer areas. 

Home, business, and farm values will drop steadily in the medium to higher-risk global areas. They will continue falling proportionately as more and more individuals finally realize climate change will get a lot worse over the next few decades before it can get better. (Our governments are unfortunately also using the same grossly underestimated climate data as the insurance companies previously used. Additionally, our governments have created grossly ineffective climate change remedial programs.) 

Most of the general population will not have accurate and uncensored climate change information until the climate consequences are so severe that most everyone recognizes or physically sees or experiences something seriously wrong with our weather. Then, at that time, hundreds of millions of individuals and businesses will be desperately trying to sell out of higher-risk areas and relocate or buy in lower-risk, safer zones, which is a recipe for a mass real estate valuation chaos. 

This mass recognition moment that climate change will get far worse over the following decades will cause the greatest global changes in real estate value in history. Moderate to higher climate change risk areas will suffer massive, sudden real estate losses. On the other hand, the limited climate change lower-risk areas will experience sudden skyrocketing real estate values.

We also strongly recommend against trying to "time the real estate market" relating to this real estate market value transition because of climate change. You can only be sure that:

a. Home, business, and farm values in medium to higher-risk areas will continue to drop as climate change accelerates and worsens.

b. Home, business, and farm values in climate change low-risk areas will continue to rise.

We predict that a mass real estate buying and selling event by the general public will begin in earnest when the world experiences its first 1/2 trillion dollar climate change catastrophe. This predicted catastrophe will involve more than 100,000 deaths and be highly publicized worldwide.

Hedge funds, investment bankers, and the ultra-wealthy already know about climate change and real estate value change information through their expensive private risk analysis firms that do not censor the real climate information for their wealthy clients. Those entities have already started buying up large areas in lower-risk climate change areas worldwide, mainly where food can be grown.

As a micro-example of the climate change-driven transition in real estate values, one only has to look at Miami, Florida. In  Miami, the expensive land values closest to sea rise-related flooding are dropping, and the land values in the poorest sections of Miami at higher elevations are rapidly being bought up and rising in price so fast that it is driving the poor out of their neighborhoods in climate-driven gentrification.



What does this mean for you personally from now until 2025?

Unfortunately, this means there will be much change, uncertainty, risk, and enormous potential for real estate and other financial losses or gains. Most of the world is living in climate change medium to high-risk areas, with only about 5% of the global surface area considered to be in a climate change lower-risk, safer area. Because so much of the Earth's surface area is at the climate change medium to higher risk level, it forbodes a massive third wave of insurance cancelations or skyrocketing insurance rates for homes, businesses, and farms. Mortgage, auto, life, and crop failure insurance in medium to higher-risk areas will also suffer the same fate. 


How should you prepare for this massive third wave of insurance cancelations or skyrocketing rates?

Here is where to start:

1. Cut back your personal and business expenses so you can save and build adequate cash reserves to pay skyrocketing insurance costs and the cost to repair the damages of escalating climate change. (Governments like insurance companies will soon be unable to cover even the most minor portion of climate change losses and damages. Even the wealthiest governments will not be able to keep up with paying increasing recovery and rebuilding costs.

2. If you don't live in a climate change medium to high-risk area, and you are unable to relocate for one reason or another, get busy to minimize your losses. You will want to aggressively start "hardening" your home, business, or farm to build a strong resilience against the coming climate change consequences. By "hardening" your home, business, or farm with climate change resiliency-building strategies, you will be safer, you will suffer less damage, and you may be able to keep your insurance rates significantly lower than those who haven't "hardened" their homes, businesses, and farms. (This non-profit organization will help you build comprehensive climate change resilience into your home, business, or farm.)

3. If you do live in a climate change medium to higher-risk area and you have any plans to relocate in the future, you might want to speed up those plans and check out the migration, relocation, and managed retreat pages on the Job One for Humanity website in the member's section.

4. If you have read these uncensored ten facts about the climate change emergency, you have probably also realized many unavoidable, grave consequences. These climate consequences are so dire and will continue so long that trying to survive as an individual or a family will not work for any extended period.

If you want to survive and thrive, then at some point, you will need to be part of a well-prepared, adaptive, and climate change-resilient community. We strongly recommend that if you think of long-term stability and safety for yourself, your family, and your business, look into the ClimateSafe Villages website here. They are connecting individuals and businesses worldwide and sharing the uncensored information and the support you will need to get everything done before the 2025-2031 period, in which climate change consequences increase far beyond where they are now because of additional crossed climate change tipping points.

And most important of all,

5. Contact your local, state, and national politicians and demand that they take effective and immediate remedial action on climate change and quickly pass all needed laws to make the global fossil fuel cartel legally and financially responsible for the climate change damage their products have caused to your home, business, farm, auto, life, or crops, etc.


The Good News

We predict worldwide insurance cancelations and skyrocketing rates will be a major force in forcing our governments to resolve the climate change emergency

The massive third wave of worldwide insurance and reinsurance companies canceling policies, failing to accept new insurance policies, or skyrocketing rates in medium to high-risk climate change danger areas will become a major force in finally forcing our governments to act effectively. As climate change worsens, angry citizens will be in the streets screaming at their politicians that they are taking huge, sudden, and unexpected financial losses because they can't sell or buy desired homes, businesses, or farms because they are in climate change medium to higher-risk zones that are now uninsurable. (It is going to take a lot to get our fossil fuel-compromised politicians separated from their fossil fuel cartel influence and addiction. Click here for a look at how tough a process this will be.) 

All of the above article means --- don't be surprised when your insurance is canceled or your rates skyrocket. Worldwide, insurance companies cannot survive continuing to insure accelerating climate change risks and damages.

Please share this article in your various networks and with everyone with home, business, farm, auto, life, or crop failure insurance. 

Some recent comments as this article moves around the world:

1. insurance companies have a strong interest in being right about the statistical future making them the best source of realistic information.

2. As I have said for years, insurance companies are the commercial canaries in the coal mine. Some of the climate scientists I know are employed by them for all the logical and obvious reasons.

3. What the article doesn’t address is how an inability to issue insurance will affect future credit generation. The supply of real estate that can serve as collateral will shrink as more properties lose coverage which will drive up the price and drive down the accessibility of the primary vehicle for wealth generation among the middle classes. How does the vaunted “American consumer” uphold the economy when they cannot generate equity for themselves with mortgage credit? Home insurance may become one of the first nationalizations of a significant area of the economy as the government steps in to be the guarantor of last resort.
And there is a vibrant tradition of nationalization in the US despite its mythical perception of itself as a free market https://thenextsystem.org/history-of-nationalization-in...

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  • Karin Geiselhart
    commented 2023-09-14 13:32:09 -0700
    Thank you Lawrence. This has been brewing for a long time. Your articles are consistently clear and positive. Here in Australia all sorts of distractions keep governments in zombie state on climate change. Your work connects all the dots.
  • Lawrence Wollersheim
    published this page in Blog 2023-09-13 17:15:56 -0700
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