Rising insurance costs are a price tag on climate inaction. 🌍🔥 More extreme weather = higher risks = skyrocketing premiums. We need urgent climate action to protect both homes & wallets! 💚🏡 #ClimateAction #YouthForClimate
In 2001 my masters lecturer said insurance companies would play a leading role in climate change policies and I naively thought the free market would actually have an positive influence. Just goes to show the power of the fossil fuel oligarchs. More power than insurers
Yep the academic research has been around a very long time. In 2001 the modelling showed that things would be very noticeable in the late 2020s which seemed eons away at the time. And now here we are
I had a “discussion” with a rw friend about climate change, he says it’s not happening, I suggested he ring his insurance company and ask why his premiums have nearly doubled. I live on the top of a hill in my town, my insurance went up due to flooding. It’s called ammetising risks. They believe
Littleproud started walking that back/qualifying it quite quickly on ABC RN this morning. I wonder how quickly those companies jumped on the phone to the LNP and told them to undo the damage before it got too popular.
Splitting up insurance companies won’t help reduce premiums, as they all need to re-insure via the few global re-insurance companies.
Global climate chance is affecting premiums
spot on. and which is why they need to be so big - you can't underwrite catastrophic risks without a huge balance sheet. I was at the pointy end of the HIH collapse, they were cheap for a reason...
And frankly, splitting them up will just make them smaller and less capable to cover the escalating costs caused by climate change disasters. It's dumb.
In what way is it all well and good? Splitting up ins cos reduce their ability to spread the load of payouts. He’s got no idea, oh yes he has, fill the space with shit bites until some of it sticks.
Raises all sorts of issues, such as, what defines the split, geography, assets, share of market etc. We all want cheaper insurance but as you say, climate change is currently the strongest variable driving costs.
Dutton will be well pleased that the media is talking about him, and inferring yet again, only he is thinking of all the people struggling under the weight of insurance. He's got what he wanted. No details, or how absurd it may be, doesn't matter. Trump showed it's the headlines that count.
Dutton’s plan to breakup insurance companies is just another idea for the masses who don’t understand the insurance industry. Let’s say the LNP attain office and break up big local insurers. All well and good until all the international re-insurers still want premiums based on their risk assessment.
All to help relieve the cost of living pressures Littleproud says! Absolute hippocrits considering they've spent the last 3 years opposing the cost of living policies put forward by Labor.
Following a big climate disaster insurance companies are inevitably going to cry poor and have to be bailed out by the taxpayer anyway. So I think there's a good case here for a state disaster insurance scheme like NZ's EQC.
Comments
1998 -
https://www.scientificamerican.com/article/exxon-knew-about-climate-change-almost-40-years-ago/
2. Has any #Auspol “journalist” ask for it?
Global climate chance is affecting premiums
#auspol
https://bsky.app/profile/rantlaw.bsky.social/post/3lid6qoumek22
No talk of splitting up the Coles/Woolworths cartel? Oh no!
No more competition needed there, OH No!
Rhymes with wrongly.
When will the media start asking the questions