Higher crop, flood insurance costs with climate change

The Government Accountability Office says cost of the taxpayer-subsidized crop and flood insurance programs could rise substantially in coming decades due to climate change. The GAO report says global warming “may substantially increase losses by 2040 and increase losses from about 50 to 100% by 2100,” said USA Today. Colorado Sen Michael Bennet said the two programs are not sustainable financially in their current forms, said the newspaper. Flood insurance accounted for $1.3 trillion of the $1.4 trillion of property insured in 2013. USA Today said that for agriculture, “by mid-century, weather and precipitation extremes could intensify and cause yields and farm profits to decline” despite steps to adapt.

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