Thursday, September 27, 2007

Global Warming a Myth? Tell That to Your Insurer

When it comes to global warming, John Morrison and Alex sink have first-hand knowledge.
Morrison is the state auditor of Montana. Sink is the chief financial officer of Florida. Both oversee state insurance departments and are members of the Climate Change Task Force of the National Association of Insurance Commissioners. Here are some excerpts from an opinion piece they wrote in today's Washington Post:

Montana and Florida are not the only states suffering huge insurance losses from natural disasters. Increasingly destructive weather -- including heat waves, hurricanes, typhoons, tornadoes, floods, wildfires, hailstorms and drought -- accounted for 88 percent of all property losses paid by insurers from 1980 through 2005. Seven of the 10 most expensive catastrophes for the U.S. property and casualty industry happened between 2001 and 2005.

Ten years ago, Peter Levene, chairman of Lloyds of London, was skeptical about global warming theories, but no longer. He believes carbon emissions caused by human activity are warming the Earth and causing severe weather-related events. "At Lloyds, we feel the effects of extreme weather more than most," he said in a March speech. "We don't just live with risk -- we have to pick up the pieces afterwards." Lloyds predicts that the United States will be hit by a hurricane causing $100 billion worth of damage, more than double that of Katrina. Industry analysts estimate that such an event would bankrupt as many as 40 insurers.

Insurance companies make money by accurately assessing risk. For decades environmentalists have been sounding the alarm about global warming. Now major insurers are becoming engaged as they look after their own assets and those that they cover. Federal reluctance to commit to international agreements on climate change, or otherwise cap total carbon emissions, appears to be driven by influential businesses that fear the limitations will hurt their bottom lines. But the risk perceived by the insurance industry -- the world's largest economic sector -- may shift that political balance. At the least, it should tell us something.


Oldschool said...

Insurance companies will take advantage of any scam to raise your rates . . .

The late New Zealand professor Augie Auer explained that three-quarters of the planet is ocean, and 95 percent of the greenhouse effect is governed by water vapour.

"Of that remaining 5 percent, only about 3.6 percent is governed by CO2 and when you break it down even further, studies have shown that the anthropogenic (man-made) contribution to CO2 versus the natural is about 3.2 percent.

"So if you multiply the total contribution 3.6 by the man-made portion of it, 3.2, you find out that the anthropogenic contribution of CO2 to the the global greenhouse effect is 0.115 percent ... that's like .12 cents in $100. It's minuscule ... it's nothing.

"So if that's the driving science, why do we need to be all concerned about CO2 and why do we need Kyoto and why do we need all the consequences from it?"

In other words, anthroprogenic produced CO2 in the atmosphere is hardly measurable when compared to say water vapor, and reducing it by the tiniest percentages by taking Draconian measures wouldn't have any effect on global warming, if indeed there is such a thing, but it would sure make life a lot less tolerable for most of us.

The undeniable facts show that is the truth. And the truth should make you free — or would if the current wisdom would allow you to know it. If not, then you'll end up running down the street screaming "head for the hills! The ocean levels are rising and we're all going to drown if we don't die of heat stroke first."

It all goes to show that there’s more than one sucker born every minute.

Are you coming to Vancouver this weekend? Al Bore is conducting a "Service" at the church of GW . . . tickets still available!

The Mound of Sound said...

Sure, Preschool. Lloyds of London have made it this far by being suckers! Let's see - it's you on one side, Lloyd's and top officials of Florida and Montana on the other. Why, what was I thinking?