Insuring your home can cost $40,000 in Colorado as the climate crisis wreaks havoc on the market, one insurance CEO said

• Insurance company CEO Oscar Seikaly has seen premiums soar recently for some Aspen homeowners.
• A $5 million home used to carry a $7,000 yearly premium, but that's increased to $40,000, he said. 
• Seikaly said the climate crisis's volatility raises premiums as disasters get harder to predict.

This as-told-to essay is based on a conversation with Oscar Seikaly, CEO at NSI Insurance Group of Miami Lakes, Florida, about skyrocketing insurance premiums and how unpredictable disasters around the country raise prices for everyone. The conversation has been edited for length and clarity.

Over the past 10 years, insurance premiums have changed dramatically.