Always how climate change was going to manifest in a 'market economy' with an electorate that doesn't understand that we can't maintain fossil-fuel based lifestyles and politicians who play down or ignore the risk to get elected...
...it's left to people to meet the cost via rising premiums - and politicians turn it from 'climate crisis' to 'cost of living crisis'. And people still fall for it.
Weather derivatives, financial instruments whose values are derived from weather variables such as temperature, precipitation, or wind speed, have gained significant traction in recent years as tools for managing weather-related risks.
Insurance companies will pull the plugs on CA. They already have on FL. Both based on climate related disasters. That's 60 million people that will not be paying into the US insurance pool. God help the rest of us still hoping for reasonable house insurance premiums.
They started pulling the plug 4 years ago in California and hiked up the prices all across the country to cover their losses because of climate change related disasters.
I had this exact argument with a Trump supporter and pointed out this fact. Of course the cognitive dissonance was too great for him to handle so he dismissed it outright. Sigh… there is no way to rationally discuss things with MAGAts. Facts cause their brains to explode 🤯.
I think the insurance companies should be treated as people under Citizens United, and charged with terrorism against their customers. And throw in the 8th amendment to boot
I think the argument is whether climate change is a natural part of a cycle, or is influenced by pollution. Most scientists agree that pollution is a big part of the problem. The deniers have their head in the sand and say that if it’s happening at all, it’s just part of a natural cycle.
This misperceives the purpose of insurance. Insurance involves the transfer of risk, not the elimination of risk. Insurers will simply stop accepting the risk (writing as many homes in high risk areas.). Every home destroyed in pacific palisades covered by State Farm will be paid.
Window cleaners no longer use ladders, they use extended poles to reach upstairs windows. According to my neighbour this was ‘Health & Safety’ gone mad. According to the Window Cleaner, his insurance company refused to insure him if he used a ladder.
This makes me curious to how many people have fallen off ladders which lead to complex medical visits, which insurance companies end up paying, because of third party liability. I wish more people knew about TPL and how it jacks up your cost of insurance!
Not really tho. They just believe in protecting their bottom line rather than work with govt, home builders to change their practices to prevent losses across the board.
They also know how much damage Covid is doing to the human body too. People are going to be in for a surprise apparently when they can no longer get life insurance either. It’s almost like the rich know but just hope we’re all too stupid to realise it too.
Ya Trumpsters Waite till you get your home and auto premiums if you have any to get. You will see how important government programs are to you!!!!!😠😠😠😠💔
Yup. The rightwing politicians can deny climate change all they want, but bottom line is - it's costing more to own a home or business, and over time, millions are being forced to relocate. #ClimateMigration
Insurance companies have had it in their Business Plans for 30 years, because the scientific evidence was so strong. That was the clincher for me! But greedy politicians & Corporations decided it was a hoax. Now look at us!! They missed the fact that no one makes money when the Earth is screwed!
And they will not cover this or 'horizonal wind' damage as opposed to 'tornado wind' damage. And will make you pay back more rather than use the billions they bilked you out of in the first place.
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Weather derivatives, financial instruments whose values are derived from weather variables such as temperature, precipitation, or wind speed, have gained significant traction in recent years as tools for managing weather-related risks.
The earth has been like this before. Earth will be fine. We are just creating a world where humans can't survive.
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Now that it's time to use them for what they are paid for!
WATCH ALL THE DENIALS, AND DEPOSE!
Luigi!
Otherwise, please share.
https://bsky.app/profile/mikebrady.bsky.social/post/3lfg6vj23ok2t
https://www.forbes.com/sites/davidrvetter/2024/12/10/costs-pile-up-as-climate-change-adds-600-billion-in-insurance-losses/