It would be fair say a good portion of the population don't understand the maths of a weather event just how astronomically expensive a sudden flood is.

In our small town in the last 5 years, we've had 2-3 different "1 in 100 year" floods within 30km of each other (highly localised dramatic flooding and slips). To the point "1 in 100 year" is now a standing joke.

As a side note there is another insurance disaster in the making - shadow fleet carrying millions of barrels of oil in old ships with opaque ownership and even murkier maintenance history...they don't do the whole insurance thing. Only a matter of time before the world faces a very awkward "who's picking up the bill" discussion. Small one already happened in the Black sea.

Second, governments and private companies should be looking at (socializing) mitigations that will keep risk within tolerable levels (without caring whether some legacy insurer continues to be able to gouge cusotmers). If there's a clear and identifiable threat, we can build dikes or sea walls or spillways or whatever it is that can alleviate the issue. "Think of the insurance implications" is a silly distraction.

Otherwise they can increase the price to match the risk. Even if the risk is unpredictable they could increase the price until they were comfortable with the risk, or themselves get insurances to cover the risk of providing insurance.

You can’t insure against catastrophes that are basically guaranteed to happen.

It’s too late to restructure to prevent catastrophic climate change. Seems like all we can do is restructure to survive and take care of one another for as long as we can.