In our recent report, we investigate a key trend, as we did in our 2021 research, “The Great American Exodus.” Through The Climate Change Migration report, we seek to understand the motivations of an increasing number of Americans seeking a second passport abroad. As we research, we find that a desire for a better lifestyle, increased security, and concerns about social and political issues in the United States mostly drive the reasons.
Climate Change Survey: Americans are De-risking by Investing Abroad
The survey we presented in our earlier study, “The Great American Exodus,” was worth revisiting before we began investigating the matter further. The survey responses from the 2021 report were surprising, especially when we returned to the topic and remembered certain participants’ responses, in which they mentioned climate change as one of the factors influencing their decision to invest abroad.
The impacts of climate change are visible, as we see in this study, witnessing climate change events in the United States. Climate change causes natural disasters and financial losses. As a result, these insights assist us in understanding that climate change is a real concern for many people as they plan their lives. As we learned from their views, many Americans seem to focus on climate-related risks. Since they have a high percentage of homeownership, we also discover the insurance industry to understand their motivations better.
Over 65% of Americans are Homeowners
There is a big percentage of insurers in the United States, and the percentage of homeownership also seems high. However, the number of homeowners with insurance is not that high. In addition, insurers in the US are adjusting coverage, not positively, for homeowners. As climate change events continue to affect the health of homes in the US, homeownership stability is a critical concern for many.
Key Findings
- Homeowners in the United States struggle to secure property insurance, and the number is increasing daily. Insurers adjust coverage options and increase premiums because of the heightened risks associated with climate-related events.
- Over 65% of Americans who own their homes are directly affected by these changes, which threatens homeownership stability and financial security.
Highlights from the Study
- Millions of Americans consider relocation or have a plan B destination guaranteed to safeguard their properties and financial futures. These plans are due to the increasing number of extreme weather events in the US. So, we focus on the acceleration of climate change migration, which is the result of these.
- We witnessed homeowners’ strategic responses. They showed Americans’ motivations for getting additional passports and investing in less vulnerable global markets. As seen in our survey results, these are mostly European countries, such as Portugal, Spain, and Greece.
Strategic Insights from Leaders and Experts
We focus on the broader implications of these trends for investment strategies and insurance practices. Therefore, we included insights from industry leaders Samuel Greenes, CEO of Blue Insurance, and Abid Salahi, Co-founder of FinlyWealth, who discuss strategies to mitigate risks and navigate the complexities of climate-induced challenges.
Samuel Greenes remarks, “Climate change is fundamentally altering the landscape of homeownership and investment migration. As the risks of climate-related disasters climb, homeowners are exploring innovative solutions to protect their assets and ensure financial continuity.”
Abid Salahi states that collaboration is needed and that “Effective strategies to combat climate-related challenges require joint efforts from policymakers, insurers, and environmental specialists to create balanced solutions that promote affordable housing, disaster readiness, and environmental conservation.”
Get passvisa Signals a Changing World
Murat Coskun, Founder and Managing Partner of Get passvisa, notes, “We are observing a significant transformation in global migration patterns driven by socio-economic shifts and environmental changes. This dynamic fosters a new wave of global citizens seeking opportunities abroad to secure their futures and broaden their horizons.”