Garrett Gray
Appearances
Global News Podcast
2024 warmest year on record
California is already suffering from an insurability problem, mostly due to wildfires like these. This is not an issue that's exclusive to California. So there are wildfires in other areas, but there's also other perils like hurricanes in Florida. We've got hail and tornado risks through the center of the country.
Global News Podcast
2024 warmest year on record
And so we're suffering from climate change, which is increasing the frequency and severity of these sort of losses. It's It's definitely frustrating as consumers to have a lack of insurability. However, it's not that carriers who are in this situation are trying to be bad actors.
Global News Podcast
2024 warmest year on record
The problem is that the ability to price the policies in a way that makes it sustainable is very difficult at the moment. So there is a way to figure this out, but it's going to require a lot of different pieces of our industry, the insurance industry, the reconstruction industry, the California Department of Insurance and others to come together to solve this really important challenge.