• Skip to main content
  • Skip to secondary menu
  • Skip to footer

Analysis.org

Intelligence Analysis in Market Context

  • Sponsored Post
    • Make a Contribution
  • Job Board
  • Market Research Reports
    • Technology Analysis
    • Events
  • Domain Analysis
  • About
  • Contact

Americans Worry Extreme Weather Will Rain on Their Retirement

July 30, 2024 By Analysis.org

Allianz Life study finds few have a plan in place to address the rising costs of extreme weather

KEY FINDINGS:

56% say they have anxiety about rising costs, financial losses, or even health effects from extreme weather events or natural disasters

25% ranked risks of rising costs, loss of insurance, or damages due to extreme weather or natural disasters as one of the top three risks to their retirement income

82% say creating a plan to mitigate or cover financial implication of external events such as extreme weather or natural disasters would help ensure that they could financially support all the things they want to do in life

MINNEAPOLIS, July 30, 2024 – The majority of American are anxious about the effect extreme weather could have on their financial future yet few are talking about it with a financial professional, according to the 2024 Annual Retirement Study* from Allianz Life Insurance Company of North America (Allianz Life).

More than half (56%) of Americans say they have anxiety about rising costs, financial losses, or even health effects from extreme weather events or natural disasters. Millennials (70%) are more likely to have this worry than Gen Xers (53%) or boomers (32%). More Hispanic respondents (66%) are anxious than Asian/Asian American (57%), Black/African American (50%) and white (55%) respondents.

“We see extreme weather almost daily in the news,” says Lorinda Niemeyer, head of sustainability, Allianz Life. “As natural disasters become more frequent, more intense and more costly, Americans are waking up to how this could pose a risk to their retirement nest egg. It’s not just the recovery costs after a disaster strikes. For many, extreme weather is increasing daily costs of living, insurance costs and other ongoing expenses. And those costs are tough to absorb if we don’t plan for them.”

One in four Americans (25%) ranked risks of rising costs, loss of insurance, or damages due to extreme weather or natural disasters as one of the top three risks to their retirement income. This was the same or higher than same or higher than concerns like taxes, debt, or caregiving responsibilities. Yet, just 10% who have concerns about extreme weather have discussed it with a financial professional.

At the same time, 82% say creating a plan to mitigate or cover financial implication of external events such as extreme weather or natural disasters would help ensure that they could financially support all the things they want to do in life.

“Extreme weather has the potential to erode wealth just like other risks to a retirement strategy like inflation and increasing medical costs,” Niemeyer says. “A financial professional can help create a holistic retirement strategy that addresses the financial costs and risks of extreme weather to help protect your financial well-being and overall lifestyle.”

Lessons learned

Americans who have been financially impacted by extreme weather are more likely to have a written financial plan and strategy to protect themselves from risks in the future. Nearly half of Americans (48%) who have not been financially impacted by extreme weather do not have a written financial plan. Meanwhile, just 14% of those who have experienced extreme weather said the same. This group is making plans to protect themselves against this risk in the future. More than one in three (36%) of those who have been financially impacted by extreme weather say they have included the potential implications of extreme weather or natural disasters into their financial retirement plan. Just 12% who have not experienced this said the same.

“Americans who have experienced extreme weather and its effect on their finances have learned a hard lesson and now want to make sure they are financially prepared for another natural disaster to strike and protect themselves against this risk in the future,” says Niemeyer. “This can serve as an important lesson for others, too.”

*Allianz Life conducted the 2024 Annual Retirement Study online survey in February and March 2024 with a nationally representative sample of 1,000 individuals age 25+ in the contiguous U.S. with an annual household income of $50k+ (single) / $75k+ (married/partnered) OR investable assets of $150k+. The study included an oversample of respondents who identified as Black/African American (416 responses); Hispanic (398 responses); Asian/Asian American (366 responses).

Guarantees are backed solely by the financial strength and claims-paying ability of the issuing insurance company. Variable annuity guarantees do not apply to the performance of the variable subaccount(s), which will fluctuate with market conditions.

Products are issued by Allianz Life Insurance Company of North America. Registered index-linked annuities are distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427 www.allianzlife.com This content does not apply in the state of New York.

About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of the Ethisphere World’s Most Ethical Companies®, has been trusted since 1896 to help millions of Americans prepare for financial uncertainties and retirement with a variety of innovative risk management solutions. In 2023, Allianz Life provided additional value to its policyholders via distributions of more than $13.73 billion. Allianz Life is a leading provider of fixed index annuities, registered index-linked annuities, and fixed index universal life insurance. Additionally, Allianz Investment Management LLC (AllianzIM), a registered investment advisor and wholly owned subsidiary of Allianz Life, offers a suite of exchange-traded funds (ETFs). Allianz Life and AllianzIM are part of Allianz SE, a global leader in the financial services industry with approximately 157,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.

Filed Under: Briefing

Footer

Recent Posts

  • Apple’s Strategic Pivot: Reshaping Its Supply Chain from China to India
  • Asana’s Q4 2025 Results Signal Strengthened Financials and Strategic Gains from AI Integration
  • Snowflake Reports Fourth Quarter and Full-Year Fiscal 2025 Financial Results
  • Dropbox, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
  • Circle’s Digital Dollar: A New Era in Stable Cryptocurrencies
  • Cloudflare as a Pillar of AI Infrastructure: Paving the Way to $240 and Beyond
  • monday.com Posts Strong Q4 and Fiscal Year 2024 Results with Bold AI Ambitions for 2025
  • Economic Forecasts in Flux: Blue Chip Indicators Highlight Post-Election Uncertainty and AI Disruption
  • Americans Grapple with the True Cost of Living
  • Pyramid Analytics Secures $50M in Financing from BlackRock to Accelerate AI-Driven Analytics

Media Partners

3v
tography
Defense Market
Transportational
MSL
Blockchaining
MKTG Dev
API Coding
Israel News
Sharp Knife

Media Partners

Domain Aftermarkets
MKTG Dev
Renewability
Virtual Travel Guide
Exclusive
Press Media Release
Technologies
Transportational
Peppers
Domain Market Research

Copyright © 2017 Analysis.org

Technologies, Market Analysis & Market Research Reports

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT