NOAA plays a crucial role in climate data collection, vital for various sectors including insurance, as this data informs risk assessment and premium setting. The Trump administration's job cuts threaten the agency, risking reduced data availability, which could lead to increased rates and coverage withdrawal in high-risk areas. The National Centers for Environmental Information (NCEI) revealed in 2024 significant disaster costs and fatalities, underscoring the need for accurate data to mitigate financial losses from climate change impacts on the economy.
"Financial services, including home insurance providers, consistently rely on [NOAA] to comprehend the influence of climate and weather on the economy and to facilitate transactions."
"In total, 2024 saw more than $192 billion in disaster costs, and more than 560 direct or indirect fatalities."
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