Mortgage Bankers Warn Climate May ‘Overwhelm’ NFIP, Insurance Sector

The mortgage banking industry is outlining a suite of dire climate change risks facing the homes and other properties it finances, warning among other things that climate damages may “overwhelm” the insurance sector and the National Flood Insurance Program (NFIP) in particular. “The magnitude and persistence of climate change, particularly in the latter part of the 21st century, may overwhelm the ability of insurance to spread and manage risk,” says a new study from the Mortgage Bankers Association and the...