In the Face of Extreme Weather: Protecting Your Livelihood from Job Loss and Salary Gap
Extreme weather events are on the rise, posing a significant threat to both lives and livelihoods.
- In just the past few years Hurricane Ian left Fort Meyers Beach, Florida devastated, causing over US$112 billion in damages.
- California Wildfires in 2018 alone caused $148.5 billion in damages, including property loss, infrastructure damage, and economic disruptions across multiple fires, including the Camp and Woolsey Fires.
- California experienced flooding for the second straight winter. Moody’s RMS estimated damages from flooding in California in January 2023 at US$5-7 billion. Similar atmospheric conditions are dropping substantial amounts of rainfall on the west coast so far in the Winter of 2024, with devastating consequences yet to be completely tallied as of this writing.
- Winter Storm Elliott caused US$5.4 billion in damages in 2023, according to Moody’s RMS.
- Moody’s RMS placed the damage for the Maui Wildfires in 2023 at US$4-6 billion.
Changing Climate Culprit in Climbing Costs
Moody’s cites the changing climate as the key reason for the frequency and severity of these natural events. These extreme weather events devastate communities, leaving many facing not only physical damage but also job loss and income reduction. The severity with which they are coming is frightening.
In 2023, the U.S. experienced 28 separate weather and climate disasters costing at least US$1 billion dollars, the most experienced in a single year ever, according to climate.gov. The US experienced an average of 20 billion-dollar disasters per year in the preceding three years, up from 12.8 billion-dollar disasters per year in the 2010s and 6.7 billion-dollar disasters per year in the 2000s.
And so far, 2024 is shaping up to be another devastating year. In the first two weeks of 2024, three winter storms brought severe weather to much of the U.S. mainland, including wind, rain, hail, snow and freezing temperatures. The aforementioned flooding storms continue to barrage California and the west coast.
For consumers, the costs are real. Extreme weather events may lead people to evacuate, increasing costs for transportation, lodging and employment. Other costs like healthcare, insurance rates, food prices and property damage tend to increase in the wake of natural disasters. Businesses may shut down temporarily or even close permanently following a natural disaster—25% close permanently following a natural disaster according to FEMA. And then workers are out of a job.
SOURCE: https://www.climate.gov/news-features/blogs/beyond-data/2023-historic-year-us-billion-dollar-weather-and-climate-disasters#:~:text=In%202023%2C%20the%20U.S.%20experienced,U.S.%20in%20early%2DFebruary).
Who Pays The Bills Following Job Loss After A Natural Disaster?
In such situations, surviving the storm is only half the battle. The question becomes: who pays the bills when your job is disrupted or destroyed? 68% of Americans couldn’t cover their living expenses for even a month if they lost their job, according to Bankrate study.
Wage Protector® – A Safety Net for Job Loss and Reemployment Challenges
Introducing Wage Protector, an innovative insurance solution designed to help individuals weather the financial storm of involuntary unemployment and salary gaps. This timely offering arrives as extreme weather events become increasingly frequent and destructive, potentially displacing workers and impacting earning potential.
Wage Protector Helps Provide Peace of Mind:
- · Wage Protector offers financial support in case of involuntary job loss and salary gaps due to reemployment at a lower rate.
- · Monthly cash benefits help bridge the income gap, enabling you to maintain your financial stability while navigating job loss and career transitions.
- · Bill Jolicoeur, co-founder of SALARYGAP® Partners LLC, emphasizes: “Our coverage fills the salary gap for those reemployed at a lower earning rate after involuntary unemployment.”
- · Co-founder Bill Graham adds: “Even in the best scenario, finding a similar-paying job can take months. Wage Protector™ helps minimize dependence on savings during this critical time.”
To learn how Wage Protector can fill a critical need in your member benefits package, contact Karen Kollath. Click Here
