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Climate change could make insurance too expensive for ordinary people – report


Climate change could make insurance too expensive for ordinary people – report21-03-2019 16:47
Tai Hai Chen
★★★☆☆
(919)
https://www.theguardian.com/environment/2019/mar/21/climate-change-could-make-insurance-too-expensive-for-ordinary-people-report
21-03-2019 17:40
Into the Night
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(7102)
Oh well. There goes the insurance industry.
22-03-2019 03:20
HarveyH55
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(453)
Insurance is like gambling, they take most any bet. The price depends on what you are betting on, and what sort of winnings you expect. Life insurance is a huge scam, since they believe more of the people will let coverage lapse, before they can collect. There are a lot of medical costs, and assistance needed before most people die, naturally anyway, and they don't usually have the savings or income to cover it for long. Pay for life insurance, or pay for the pills that will keep you alive? Insurance only works, when they can sell policies to more people who would never need them, or use them.
22-03-2019 04:17
IBdaMann
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(3411)
Insurers have warned that climate change could make cover for ordinary people unaffordable after the world's largest reinsurance firm blamed global warming for $24bn (£18bn) of losses in the Californian wildfires.

Well there's the problem. They couldn't blame the wildfires for the $24bn in losses due to wildfires?

That's how insurance companies will evolve. Climate Change disclaimers will become boilerplate, rendering the insurance companies not liable for damages caused by Climate Change. The insurance companies will then tie all damages to Climate Change and in so doing they'll be able to keep premiums affordable.
22-03-2019 04:49
GasGuzzler
★★★★☆
(1107)
IBdaMann wrote:
Insurers have warned that climate change could make cover for ordinary people unaffordable after the world's largest reinsurance firm blamed global warming for $24bn (£18bn) of losses in the Californian wildfires.

Well there's the problem. They couldn't blame the wildfires for the $24bn in losses due to wildfires?

That's how insurance companies will evolve. Climate Change disclaimers will become boilerplate, rendering the insurance companies not liable for damages caused by Climate Change. The insurance companies will then tie all damages to Climate Change and in so doing they'll be able to keep premiums affordable.


But, somebody MUST be liable? How can you sue Climate Change? Let's see....Trump has 1 of those $24 billion needed. After all he did abandon the Paris Agreement. Yup, Trump"s fault. Wonder how long till they try to sue him for it.
22-03-2019 10:04
HarveyH55
★★★☆☆
(453)
The insurance companies of course look for anyway to avoid paying a claim, their policies are worded to give them a lot of wiggle room. They count on most of those unpaid claims won't get far if disputed. Lawyers cost money, lot of those policy owners don't have the cash or the means to hire legal help. They count on the government to pay for most of the major damages, which if you read the policy, they only have to pay the balance, of what's left.

There aren't actually that many insurance companies, they just create new brand names, to give themselves a little distance, little more leverage into federal assistance. One brand might really screw you over, so you go with another company, but it's likely the same company that owns it. Insurance companies also sell a lot of different products. Some of their products might go through some rough periods, but they can keep policy prices affordable by spreading out the costs. Besides, wildfires don't effect all 50 states, on such a large scale. They still have millions of of policy holders, who never make a claim.

Climate Change, as an excuse not to pay a claim, or raise rates, but it's doubtful to really hurt the insurance companies. They know it's a bigger scam than the one they run, and will just take advantage of it. They make their money on selling policies, and fight to avoid paying as many claims as they can. They look at the case though, and decide which they are likely to have to pay in the end. They know that they do need happy customers, or no one would buy, besides they do have a legal obligation to deliver on the products they sell.




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