Lessons from Redlining: How We Can Prevent Climate-Driven Insurance Discrimination
As insurance companies and lenders increasingly factor climate risk into their strategies, we may see a resurgence of exclusion that mimics redlining.
Escalating climate risks and natural disasters, as well as insurance companies’ opportunism, are causing upheaval in the homeowners’ insurance market, leading to a crisis in availability and affordability, and a new wave of exclusion called “bluelining.”
That’s when financial institutions like banks, credit facilities, and insurance companies steeply increase prices or withdraw services from communities that have high levels of environmental risk.
Unlike historical redlining, where lenders denied financial services to people who lived in predominately Black neighborhoods, the geographic exclusion of bluelining is not directly based on race.
However,
bluelining is often happening in the footprints of redlining.
Author summary: Climate risks may lead to insurance discrimination.
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