Climate change

Since 2020, the number of properties it insures has tripled to almost 1.4 million. Citizens estimates it may add another 300,000 by the end of the year

Total global insured losses from natural catastrophes were about $50 billion from January through June.

Last month, Farmers Insurance Co. said it would limit sales of new home insurance coverage in California. In May, State Farm General Insurance Co., the state's biggest home insurer, said it would stop writing new policies altogether. Allstate Corp. halted the sale of new policies in the state last year.

Weather is unpredictable everywhere, and travel insurance policies can vary tremendously.

As climate change worsens, insurance coverage is expected to shrink further as rising premiums choke demand and insurers withdraw from particularly exposed areas, according to statements from the European Central Bank.

Property insurance premiums for US solar facilities have soared as much as 50% over the past year, threatening to slow their rollout and derail global efforts to cut carbon emissions.

Rising temperatures are disrupting economic activity and daily life across the globe, sapping crops, drying rivers and raising sea levels.

The problem is clear: Existing weather is visibly outrunning our combined efforts to stem global warming. Humans are losing the race against heat.

The proposed new insurance plan is intended to protect the Southeast Asian nation from infrastructure losses caused by natural disasters.

Yellen, who also chairs the Financial Stability Oversight Council, said that a spate of extreme weather events is causing insurers to raise rates on homeowners.