Sunday, November 20, 2011

Insurance industry hyping global warming

It was front page news last Thursday:
... Canadians renewing their home insurance are likely to find their premiums have risen sharply from last year, and the Insurance Bureau of Canada says the main culprit is climate change.
... Henry Blumenthal, the chief underwriter for TD insurance, left no doubt he is a firm believer in global warming. “Not only do we believe, it’s a proven fact,” he said in an interview, adding premiums for his customers are rising 10% to 15% because of the issue. “It’s the number one headache issue the property and casualty industry is facing.” ...
Headache” my arse, unless that’s insurance-speak for “excuse to jack up rates”. Only a complete naif could believe such hype from an industry that stands to gain billion$ from it.  On Saturday Lawrence Solomon nailed it:

... home insurance premiums — and the insurance industry’s profits — depend largely on the industry’s skill in making two types of investments: in the stock market and in marketing that scares the bejesus out of its customers.
... The insurance industry wants more money to cover its poor stock picks. And more money again to cover future global warming risks. With the government’s blessing, insurers will now jack up your home insurance premiums by 10% to 15% in the coming year.
... The insurance industry earned every dollar that it makes from global warming — its sharp-eyed marketers spotted the potential before anyone else. In 1973, Munich Re, one of the world’s largest insurers, warned that rising temperatures could result in receding glaciers and polar caps, shrinking lakes, and rising ocean temperatures, with carbon dioxide as the culprit.
... Canadian insurers like TD Insurance claim “it’s a proven fact” that climate change is driving rate increases. This is true, not because the science justifies rate increases but because government regulators and many in the public accept the claim as valid. The actual facts, from those not associated with the IPCC, say quite the opposite, and emphatically so.
... Last year, the American Meteorological Society published a peer-reviewed study that investigated insurance claims from extreme weather events. ... The conclusion: “The studies show no trends in losses … that could be attributed to anthropogenic climate change. Therefore it can be concluded that anthropogenic climate change so far has not had a significant impact on losses from natural disasters.” ...
Thank you, Larry! Now, if only the insurance regulators read FP Comment and weren't in bed with insurers.

7 comments:

maybe you deserve bird flu said...

You, and your dumb tar allies in Cgy, in the finance industry (unfunny Jews that is), in the RW radical Christian churches, in the Republican USA, you are all distracting me from addressing other threats.
Not the only ones. The dumb cunts in charge of Halifax's workforce and the mentally ill men who get unlimited pogey time (and use it to be parasites) are just as culpable.

maybe you deserve bird flu? said...

As far as I can tell, USA's and Canada's Chambers of Commerces and Evangelical Churches are terrorist organizations and Halifax is the centre of Communism.

Anne in swON said...

What's the matter, "maybe you deserve bird flu?" Did your pogey run out?

Roy Elsworth said...

they tried that with me it didn't work I told them to prove to me that there is global warming and I gave them the same amount of money I gave them last year. they said at first that I didn't give them enough. I said I am paying you whatI did last year. what it shows on the bill I paid them what it cost without the enviromental warming tax. I told them if they can prove that there is global warming then I would pay it.
I even told them to call the police if you wanted to or sue me they didn't do neither cause I was rite.

maybe you deserve... said...

I honestly don't know. It was like living in a 1970s Communist city, minus the KGB. I thinking the mentally ill and feminists teamed up on me or something. Weird. You don't ever have to worry about me being an NDPer again, like I was 2005-2007.

JR said...

Roy,
And they didn't cancel your policy?

Alain said...

The temptation for greedy pigs to cash in on the scam is irresistible it seems. Roy must have a very different insurance provided than most of us, since you either pay what they say or you go without their coverage.