Senate Panel: Climate Change Blamed for Insurance Hikes

US Senate panel discuss climate as a cause of rising insurance premiums

LINCOLN PARK, NEW JERSEY - SEPTEMBER 02: River water floods West Williams Street on September 02, 2021 in Lincoln Park, New Jersey. NJ Gov. Phil Murphy declared a state of emergency as Tropical Storm Ida caused flooding and power outages throughout New Jersey as the Northeast was hit by record rain and tornadoes. Numerous deaths in New York and New Jersey have been blamed on the storm. NY Gov. Kathy Hochul has also declared a state of emergency. (Photo by Michael M. Santiago/Getty Images)

In a hearing, the US Senate Budget Committee addressed the causes of the insurance crisis affecting homeowners nationwide. Democrats argued that climate change is the primary factor driving the increase in insurance premiums.

Conversely, Republicans contended that high government spending and inflation are the main contributors to rising insurance costs.

US Senate panel discuss climate as a cause of rising insurance premiums

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