(Outlet: Newsweek) The California Department of Insurance gave Allstate permission to increase its homeowners insurance premiums by an average 34.1 percent, the largest rate hike of any major insurer approved by the agency in the past three years. The decision is expected to affect more than 350,000 policyholders across the state, with homeowners in Fresno, Madera and Mariposa counties seeing the highest increases.…Read More
(Outlet: Penn Today) From lower test scores to higher crime rates, economist R. Jisung Park of the School of Social Policy & Practice looks at the daily consequences of climate change.…Read More
(Outlet: E&E News) Sen. J.D. Vance has little love for ESG investing — going so far to call the socially conscious financial strategy a “massive racket” during a 2022 interview. But a review of financial disclosure forms filed by former President Donald Trump’s new running mate finds several investments that could fit neatly into an ESG portfolio. The investments add a new wrinkle to Vance’s mercurial relationship with climate politics. “Anyone with a really large portfolio is going to be pretty well-diversified across a lot of asset classes, including those that ESG investors might overweight,” said Daniel Garrett, an assistant professor of finance at the University of Pennsylvania’s Wharton School.…Read More
(Outlet: The New York Times) Climate change is driving rates higher, but not always in areas with the greatest risk. Getting a detailed look at the cost of insurance in different parts of the United States has been almost impossible until now because private insurers don’t publicly disclose what they charge. But two researchers, Benjamin Keys, a professor of real estate at the University of Pennsylvania’s Wharton School, and Philip Mulder, a professor at the University of Wisconsin School of Business, found a workaround.…Read More
(Outlet: The Daily Pennsylvanian) The American Association of University Professors has adopted a resolution urging universities and pension boards, including the provider of Penn’s retirement plan, to divest from fossil fuels. …Read More
(Outlet: Marketplace) Dave Burt at DeltaTerra Capital thinks the market is due for another correction, as homeowners in places with a growing risk of flooding and wildfire have to pay more for insurance. Rather than default on their loans, most homeowners should be able to sell and move somewhere cheaper if necessary, said Ben Keys, a professor of real estate and finance at the University of Pennsylvania’s Wharton School.…Read More
(Outlet: Marketplace) Last year, JPMorgan Chase was once again the number one fossil fuel financier in the world, according to the 15th Banking on Climate Chaos report compiled by a group of environmental organizations. Banks have collectively invested almost $7 trillion in fossil fuels since the Paris Climate Agreement went into effect. “The banks that are based in the U.S. are just the biggest banks in the world. I mean, that’s not just true of oil and gas; that’s true of all sorts of lines of business,” said University of Pennsylvania finance professor Dan Garrett.…Read More
(Outlet: The New York Times) Wharton Climate Center Affiliated Scholar R. Jisung Park writes about how we don’t see what climate change is doing to us, and the changes we must make to our social and economic systems to survive the escalating warming. …Read More
(Outlet: Environmental Innovations Initiative) In recent work, part of the Public Deliberation on Climate Transitions and Well-Being research community, supported by the Environmental Innovations Initiative, Quinn, Kimbrough, and colleagues are seeking community input to understand how to enhance collective action on climate change through public deliberations. …Read More
(Outlet: Wharton Business Daily) R. Jisung Park, Penn and Wharton Assistant Professor, joins Wharton Business Daily host Dan Loney to discuss his new book, Slow Burn, and the hidden costs of climate change.…Read More
