R Street welcomes Jerry Theodorou as director of Finance, Insurance and Trade Policy Program
WASHINGTON (March 16, 2021) R Street is excited to welcome Jerry Theodorou as the director of the Finance, Insurance and Trade Policy Program.
In this capacity, Theodorou develops and advances effective, free market-oriented research and public policy solutions that deal with risk and other complex products where federal and state governments have intervened. He will continue work on R Street’s priorities including risk-based insurance regulation, reforming the National Flood Insurance Program, free trade, and financial products and institutions.
“R Street’s reputation for objective research into pragmatic public policy solutions to matters impacting insurance is unparalleled. I’m excited to join R Street at a time when insurance can help address today’s trifecta of challenges to our economy and health a pandemic, catastrophic weather events and mushrooming cyber threats,” said
Flood risk growing for U S homeowners due to climate change; report finds insurance rates greatly underestimate threat
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Flood risk is growing for US homeowners due to climate change Current insurance rates greatly underestimate the threat, a new report finds
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Government-backed flood insurance – often the only option for homeowners along the coast and near rivers – is based on outdated flood maps that fail to reflect how climate change is increasing the regularity and scale of flooding. Those maps have skewed insurance rates downward and left wide swaths of land where properties should be insured against flooding but are not.
Fortunately, that’s about to change. The National Flood Insurance Program (NFIP) managed by the Federal Emergency Management Agency (FEMA) is preparing to unveil the sweeping changes in assessing flood risk and setting insurance rates. The new approach, called Risk Rating 2.0, will begin Oct. 1.
How Everybody Ends Up Paying for Climate Crisis
Fallout from last month’s deadly deep freeze in Texas has quietly spread to people living hundreds of miles away. Minnesota utilities have warned that monthly heating bills could spike by $400, after the crisis jacked up natural gas prices across the country. Xcel Energy’s Colorado customers could face a $7.50 per month surcharge for the next two years.
This is a subtle demonstration of the way Americans already share the collective financial burden of climate change, even if we don’t realize it. The national bill for global warming is here, and it’s rising.