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This article does not explain it real well only alluding to invisible lubricant and Im not even sure I can explain it but honestly the whole debt market it reliant on insurance. Geting a loan for something requires that it be insured. So no insurance, no loan, no loan, no small business, and of course the real estate market goes tits up.

I’ve been waiting for this discussion to happen since the CA fires a few years ago when state insurance had to be expanded and insurance companies started pulling out of the state. We’re hitting a wall that capital has to at least calculate in since insurance is so important.

insurance companies are professional risk assessors so it makes sense

Fret not about the human lives and livelihoods that are at stake… wont someone please think of the insurance carriers??

If the world is getting hard to insure, then I bet it would be hard for them to make a profit. I wonder how much their profit margins have shrunk.

“We can really talk about adaptation. How to build our infrastructure, our houses, our streets, our pipelines, our grids in such a way that they can withstand certain forms of weather phenomena. This is something that we can do with a very, very easy economic case behind it,” Thallinger said.

That's the relevant part. "More of the same" is not possible, but that's what a lot of people think that is normal.

“If the losses keep escalating, it just becomes uneconomic for insurers and reinsurers and even the capital markets. So, something has to be done to really bring together both resilience and protection.”

Uninsurable precedes uninhabitable.

The actual drama starts when the question of "who gets bailed out" becomes mainstream.