... 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.