Monday, January 20, 2014

You'll Pay For Climate Change One Way or The Other.

One thing climate change will probably bring you is higher insurance premiums. Last year Canadian insurers forked over $3.2-billion in payouts, a record.  For the first time, flooding-related claims exceeded fire losses.

Calgary flooding losses hit $1.7-billion.  Toronto's flooding set an Ontario record of $940-million.

Insurance companies aren't in the business of paying out more than they're collecting in premiums so watch for rates to increase.


Anonymous said...

As a case-in-point, my insurance rates for my home went up 50% this year! My insurance provider sent a letter explaining this was due to flooding incidents. They did not explain if this was a one year increase or... indefinite??

Lots of interesting stuff on your blog, keep up the good work!

Purple library guy said...

Insurance companies, for that matter, aren't in the business of paying out if they can avoid it. Watch for those increased rates to turn out not to cover many of the things that end up happening due to climate change . . .

Dana said...

Yup and guess what they'll call those climate change related events that they won't cover.

They'll call them "Acts of Gaaawd!".

The Mound of Sound said...

@ Anon. 50%? Wow, that's a hit. I wonder if the increases will reflect regional conditions.

PLG, I think the petro-pols will hold the insurers on a tight leash. They don't want the public linking flooding to climate change to Tar Sands.

Dana, I think Harper sees himself a bit otherworldly, perhaps even divine. In that case, Act of God would be fitting.

Anonymous said...

Um, so had those floods happened in unpopulated areas causing little or no insurance payouts, would they still be proof of your climate change myth?

Just wondering.