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View Diary: Insurance Industry Embraces Climate Change (16 comments)

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  •  Reinsurance IS insurance. (3+ / 0-)
    Recommended by:
    splintersawry, antirove, Youffraita

    I'm not sure why you think it's not.

    If Mr and Mrs Smith buy insurance from Allstate to insure them against a hurricane, or Allstate buys reinsurance from a reinsurer to help it cover widespread damage from a major hurricane, it's still insurance.

    RAA speaks for the industry on this topic. The insurance industry has been discussing this topic for YEARS:

    Climate Change No. 1 in Top 10 Risks Facing the Insurance Industry

    March 12, 2008

    Potential climate change is the greatest strategic risk currently facing the property/casualty insurance industry, with demographic changes taking priority for the life insurance industry, according to a new study by Ernst & Young.

    Climate change is closely followed by demographic change and catastrophic events among the top 10 risks for insurers.

    According to the Ernst & Young study, “Strategic Business Risk 2008,” the top 10 risks are:

    1. Climate change: long-term, far-reaching and with significant impact on the industry

    http://www.insurancejournal.com/...

    This May 2009 (PDF)  report "The Insurance Industry and Climate Change -- Contribution to the Global Debate" from the Geneva Association is locked, so I can't copy any salient sections. But look through it.

    Who is Geneva Association?

    The Geneva Association is the leading international insurance think tank for strategically important insurance and risk management issues.

    The Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or which influence the insurance sector. Through the development of research programmes, regular publications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress in the understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leading voice of the largest insurance groups worldwide in the dialogue with international institutions.

    http://www.genevaassociation.org/

    Do a google search on the topic. The results go on and on for pages....

    You'll be astounded how the industry has been squawking about this issue. It's the probably the one issue that the insurance industry can't get ANY traction on with the GOP.

    © grover


    So if you get hit by a bus tonight, would you be satisfied with how you spent today, your last day on earth? Live like tomorrow is never guaranteed, because it's not. -- Me.

    by grover on Fri Apr 20, 2012 at 02:56:14 PM PDT

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    •  Correct. Insurance doesn't get much press, but (3+ / 0-)
      Recommended by:
      JonBarleycorn, antirove, Lujane

      it's extemely influential in the business world.

      The deniers will eventually be viewed, even by their so called "job creators", along the same lines as Truthers and Birthers.

      I don't waste time trying to argue with them.  I actually believe a lot of them see it, but are too embarrased to admit how wrong "their side" was.

      •  I am thinking, based on (0+ / 0-)

        what I've seen over the past, oh, well, 20 years or so, that the GOP never met an insurance company it didn't want to hand money to.

        I always figured the insurers bought them.

        So this is kinda optimistic news, isn't it?  The reinsurers and the original insurers now have to lobby Congress and their GOP friends to stop global warming.

        And we know the insurers have the lobbying money.  They use it all the time.  All they need to do now is use it for ads against the deniers and for the ones who want to end global warming.

        It is true the oil companies have even MORE money.  But I can imagine an ad battle:

        "Gas for your car will go up if this is enacted."

        "You will receive no compensation when the tornado destroys your town b/c of global warming, b/c your insurer will have gone bankrupt.  Vote Green.

        or some variation on that theme.

        I call him Rick Scumtorum because he IS scum: pond scum, with the brain of an alga.

        by Youffraita on Fri Apr 20, 2012 at 11:54:13 PM PDT

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        •  I think energy companies will win this debate-- (1+ / 0-)
          Recommended by:
          Youffraita

          Heck, there wont even be a debate-- because the meme that  nature is there to exploit is just too entrenched.

          A lot of damage happens because of really stupid things humans do that despoil the earth, for example overdevelopment worsened the impact of Huuricane Katrina. Insurers have known this for decades. But the GOP thinks risk management is something to be scoffed at.

          Didn't Sarah Palin like to boast about being mistress of her terrain, as she gave permission to corporations to use and extract from Alaska at will?

          © grover


          So if you get hit by a bus tonight, would you be satisfied with how you spent today, your last day on earth? Live like tomorrow is never guaranteed, because it's not. -- Me.

          by grover on Sat Apr 21, 2012 at 09:36:20 AM PDT

          [ Parent ]

          •  Sure, grover (1+ / 0-)
            Recommended by:
            grover

            My argument is, when the insurers stop giving money to the idiots and start supporting the greens...

            Well, okay, that won't be the END of the battle, but it will be a change of tide.

            But the insurance industry needs to act in lockstep, and it needs the best ad agencies it can get to represent it (for the public) and the best lobbyists it can get (to counteract Big Oil's influence).

            That would at least be a start, right?

            I call him Rick Scumtorum because he IS scum: pond scum, with the brain of an alga.

            by Youffraita on Sun Apr 22, 2012 at 12:32:37 AM PDT

            [ Parent ]

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