Insurance could kill mortgages in some of the US – Powell

Speaking during his semi-annual testimony before Congress, Powell addressed the growing issue of insurers withdrawing from regions at high risk for natural disasters. “If you fast-forward 10 or 15 years, there are going to be regions of the country where you can’t get a mortgage,” Powell said, explaining that financial institutions and insurance providers are increasingly avoiding areas prone to wildfires, hurricanes, and other environmental threats.