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A summer that has already seen water crises and wildfire smoke is rapidly becoming an inflection point in the pitched battle between climate change and the price of homeowners' insurance in the US.
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“The risk is unprecedented and the peak risks, which are what cause insurance companies to worry about insolvency, are the ones having the most change with climate,” said Nancy Watkins, a principal at Milliman Inc., an insurance consulting firm. “What we should expect to see is more of these pockets of insurance unavailability, where the market contracts.”
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