"Climate Change Is Destabilizing Insurance Industry"...no CC Deniers in that industry...they look at
real numbers today and assess future risks...to the point that CA and FLA share the same threat for the same reason...the continued burning of Fossil Fuels.
from the attached link...
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The president of one of the world’s largest insurance brokers warned Wednesday that climate change is destabilizing the insurance industry, driving up prices and pushing insurers out of high-risk markets.
Aon PLC President Eric Andersen told a Senate committee that climate change is injecting uncertainty into an industry built on risk prediction and has created “a crisis of confidence around the ability to predict loss.”
Reinsurance companies, which help insurers pay catastrophic losses, “have been withdrawing from high-risk areas, around wildfire and flood in particular,” Andersen told the Senate Budget Committee.
He added, “Just as the U.S. economy was overexposed to mortgage risk in 2008, the economy today is over exposed to climate risk.”
Andersen testified at the Senate Budget Committee in its latest hearing aimed at drawing attention to climate risk and its potential threat to the federal budget.
The hearing did not address the federal budget and instead highlighted the various ways climate change is hurting property insurers and triggering dangerous growth in state-run insurance plans — sometimes called FAIR plans — that cover people who cannot buy insurance from a company.
Although the hearing covered familiar themes, it occurred at an opportune moment. Major hurricanes and wildfires have driven insurance markets into crisis in Florida, Louisiana, California and are weakening insurers in other Western states such as Colorado and Oregon (Climatewire, Dec. 23, 2022).
Florida’s state-run property insurer warned recently that Hurricane Ian had “significantly depleted” its reserves and that it might impose a surcharge on millions of policyholders in the state if another major hurricane generates massive claims (Climatewire, March 21).
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btw, I for one, will be curious to hear RDS' comments on the campaign trail when the issue of "Climate Change" is brought up...meanwhile, what are your comments?
P.S. For those fortunate to have a NYT subscription, there is an excellent article on this topic in today's issue.
Link: https://www.scientificamerican.com/article/climate-change-is-destabilizing-insurance-industry/
Replies to: "Climate Change Is Destabilizing Insurance Industry"...no CC Deniers in that industry...they look at
Nonsense. Climate always CHANGES. You people are true CC Deniers. What anyone can observe throughout
his career (average 30 years) are weather events. Extreme weather events today are not worse than before.
"500-year hurricanes?' Give or take 490 years, as Ian showed in ravaging Florida"...
...it's the Frequency of those major storms, etc. that signify the impact of "Climate Change"...and the evidence is unmistakable..from the attached article...
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Climate change forecasters warned in the 1980s that hurricanes were going to hit us more frequently, and with more severity. It was a bold prediction to make at the time. After all, major hurricanes were on the decline from the 1950s to the 1980s, as well as the number of hurricanes per year, as my research from the National Hurricane Center weather has shown. But they’ve rebounded in frequency and size, both in the Atlantic and the Pacific.
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In terms of speed to ever strike the United States, Hurricane Ian is the fifth-most powerful storm recorded. Of the 16 strongest storms to ever make landfall, going back to the mid-1800s, seven are just from the last 20 years, with six of the most powerful happening just in the last five years. When it comes to intensity, six of the top 11 happened in the last 20 years. Before the deadly Category 5 Hurricane Wilma smashed South Florida, we had never even had a “W” storm before.
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We haven’t even discussed the death tolls. Hurricane Maria led to nearly 3,000 deaths of U.S. citizens in Puerto Rico, while another 2,000 lives were lost in Hurricane Katrina. With more people on the coasts, and more powerful storms, we can expect death tolls to get higher, especially as some politicians deny any of this is even taking place. And we can only image the catastrophe when a major city gets a direct hit from a Category 5. A government study of a potential “Hurricane Pam” found such a storm could generate 60,000 casualties.
There’s also the matter of damages, which can rack up charges of several billion each landfall.
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You're not very good at data research and analysis, Eli...you can't even see what's available right in front of you.
Link: https://www.savannahnow.com/story/opinion/2022/10/04/500-year-hurricanes-now-seem-happen-every-five-10-years/8163337001/
Bold faced lie.
Easy there, Hensou...your data ends too soon...and it doesn't have any analysis/context with it...
fortunately, I'm able to help you with that...see the attached link, and these excerpts...
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The frequency and intensity also varies and has been changing over time. In the span of just one year, from 2020-2021, there have been eight hurricanes to impact the continental U.S., according to NOAA data. That’s nearly half the number to hit the U.S. between 2000-2010—which saw 19 hurricanes make landfall.
And compared to three major continental U.S. hurricane landfalls out of a total 13 in the 2010s (the Saffir-Simpson Hurricane Wind Scale counts major hurricanes as those that are Category 3 or higher) there have already been four in the last two years alone.
TIME’s analysis of the frequency of Category 4 and 5 storms to hit the country, however, only takes into account hurricanes with high sustained winds. This is because the current rating scale that determines what category a storm will be does not look at other factors like rainfall and flooding—which are also becoming more intense. Thus, some catastrophic storms like Hurricane Katrina have been omitted from this list because their wind speeds were below Category 4.
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Despite some misinformation in the media about the effect climate change has on hurricanes, the science is clear. “On the cumulative, climate change may be making storms worse,’” Maria Torres, a public affairs officer at the National Hurricane Center told TIME this week. “That is supported by the overwhelmingly clear science on what climate change means for storms like Ian in general: heavier rainfall, possible slower movement which prolongs heavy rain and battering winds, and more inundation as sea levels rise.”
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Think about this...if everything were as "Normal" as you imply...why would Florida be facing an Insurance Crisis over coverage for storm damage?
Link: https://time.com/6218275/strongest-hurricanes-us-map/
You just flung a ball of nothingness on the wall. Go make sandwiches with Old Joe and the Mrs.
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Have you no response to the facts, data and commentary in the “Time” article?
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Just gave my response, fool.
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Al Gore told us there would be no North Pole by 2013, and they're still trying to scare us.
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Many of the top fires in US History occurred in drought conditions. Over a 100 years ago.
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I will solve this problem for you right now. Stop building on the ocean, on inland waterways, and in
Flood Zone As and Vs. Every time a flood occurs there and causes damage, refuse a re-building permit.
That is a lot more feasible than thinking we can control the weather.
But I'll wait for your link.
Damage from the burning of Fossil Fuels will persist since CO2 takes a very long time to come out of
the atmosphere...and a significant portion never will be removed. The steps you suggest will need to be taken...the question is..."How Much?"...the sooner we replace Fossil Fuels for Heat and Power, the less the strain on populations all over the planet.
Note that estimates of 'Sea Level Rise' by 2100 range from 1.3 to 1.6 METERS...so, it behoves leaders who truly care about their citizens...especially in states with low coastal zones...to get behind the shift away from FFs.
Note also that there's an arguably greater threat from the continued consumption of a very finite and critical resource...Fossil Fuels... especially Proven Reserves of Oil, which British Petroleum forecasts will last a mere 47 years, globally.
Is any of this getting your attention?
Dr. Judith Curry and Dr. Richard Lindzen say these projections are full of crap
And you can't say they don't know the science.
Specifically wrt Dr. Judith Curry...you haven't done enough research on her...if you had, you'd
realize that she isn't a Climate Change denier...per this excerpt...
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Climate skeptics have seized on Curry’s statements to cast doubt on the basic science of climate change. So it is important to emphasize that nothing she encountered led her to question the science; she still has no doubt that the planet is warming, that human-generated greenhouse gases, including carbon dioxide, are in large part to blame, or that the plausible worst-case scenario could be catastrophic. She does not believe that the Climategate e-mails are evidence of fraud or that the IPCC is some kind of grand international conspiracy. What she does believe is that the mainstream climate science community has moved beyond the ivory tower into a type of fortress mentality, in which insiders can do no wrong and outsiders are forbidden entry.
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IMO Dr. Curry is more concerned with the 'Manner' in which CC research is being conducted and communicated, as opposed to the "Basis" for concern.
Link: https://www.scientificamerican.com/article/climate-heretic/
And you do realize what your "IMO" means to the vast majority of this board,
Correct? Absolutely nothing
Let's not forget wildfires. Eliminating controlled burns was stupid.
A good suggestion...but hardly addresses the root cause...i.e. entire regions of forests with trees
that are becoming ever more combustable due to drought brought on by Climate Change.
Given this ever increasing danger, no amount of "Controlled Burning" or "Raking of the Forest Floor" is going to protect against Wildfires due to persistent causes like Arson which accounts for 20-25% of such fires in Idaho (see link).
This situation isn't going away anytime soon...our task is to mitigate the damage down the road by doing the right thing NOW...i.e. shift away from the burning of FFs and embrace alternative energy sources for heat and power, such as Nuclear and Renewables.
Link: https://idahofirewise.org/fire-prevention/common-causes-of-wildfires/#:~:text=Idaho%20Firewise%20works%20to%20raise,frequent%20human%20causes%20of%20wildfires.&text=Arson%20is%20the%20intentional%20and,of%20human%2Dcaused%20wildland%20fires.
Historic CA 2020 wildfire happened only on public forestland of which 3.5 mil acres were burned
No wildfire in privately owned forestland. In CA, roughly 60% of its forestlands are public owned and managed by government. 40% are privately owned and managed. Clearly climate change only targets government's properties. LOL.
Aside from the fact that private forests are not immune to wildfires, you blithely ignore the root
cause of increasing wildfire events...i.e. greater vulnerability of forests to such catastrophes because of increased temperatures brought on by the continued burning of Fossil Fuels.
Do you acknowledge this problem?
Link: https://wildfiretoday.com/2022/09/05/california-forests-hit-hard-by-wildfires-in-the-last-decade/
Nothing done with overgrown forests because of environmentalists. Their strategy doesn't work.
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It sure wouldn't hurt for you to do a little thinking and research before posting...(see link)
from the attached article...
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The Forest Service is working with partners to focus fuels and forest health treatments more strategically and at the scale of the problem, using the best available science as a guide. Through investments from the Bipartisan Infrastructure Law and the Inflation Reduction Act, wildfire risk reduction work will occur on 21 landscapes across 134 firesheds in the western U.S. where projects are ready to begin or to expand.
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Steps are being taken...and funded...'Environmentalists' or not...
Link: https://www.fs.usda.gov/managing-land/wildfire-crisis
It sure would help if you read your own posts. You cry wolf then say everything will be alright.
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That’s not what I’ve said…we have a Climate Change problem that we need to Mitigate’
…sad to say but everything is Not going to be alright…our task is to keep the damage to a minimum…and the Forest Service actions are positive steps for that aspect of what CC is wreaking.
Talk to China and India and get back to us.
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