Yeah well when you stop tracking unprecedented and once in a lifetime events and just say they are fake news you don’t have to spend funds on any recovery or restoration efforts! Checkmate, liberals! Roll that coal!
Like with tobacco, the ones who had no doubt about the ill effects were the insurance companies.
They measure the impact in dollars, and the math is clear.
An ounce of prevention is worth a pound of cure, but when you have captured the government through lobbying you just push the cost onto the tax payer and take your yacht out instead.
Keep everyone uneducated, breeding, and making money for the 1%. It’s the conservative way.
Lots of us will die, but not the billionaires, and probably not most of the millionaires, and enough will live that all the losses of people and resources will just be the cost of doing business.
Look at all the money they won’t have to spend on healthcare for those who die! And those who remain - just cattle at that point to keep the rich wealthy.
They will bankrupt individual families far before the “country” will feel it. It will be impossible to get insured in certain areas, and it’ll happen right fast.
(Gasp) What happens when an insurance company is forced to repair everyone’s damaged property and the bug businesses that fund them go bankrupt? Will the country feel it then? Won’t someone think of the big businesses!
Insurance companies rarely go bankrupt as it requires insane incompetency to achieve this.
Insurance companies work like casinos: Develop a probabilistic model to determine the average amount of claims per customer per region and then charge more.
That’s why they are exiting regions where the expected yearly damages exceed what they are allowed to charge. Insurances are the first to exit a sinking ship.
Insurance companies work like casinos: Develop a probabilistic model to determine the average amount of claims per customer per region and then charge more.
I agree, but I would like to add that developing those probabilistic models relies on the premise that future circumstances will remain similar enough to past circumstances for the models to be effective. With global warming, those future circumstances are becoming wildly different from the past ones. The models are not accurately reflecting the new odds of a customer filing a claim so the premiums the companies are charging are too low to cover those claims while allowing the company to still show a profit.
For example, that horrible flooding in Texas that killed 120 people last month was just one of four different once in a thousand year rain events that occurred in the USA within a one week period. The existing models would not be very likely to predict that level of risk so the premiums they charge may well not cover the insurance companies expenses.
Of course, once the models do start to reflect more accurate odds, customers may no longer be willing or able to pay the necessary premiums. This is the reason why many insurance companies have closed up shop in Florida. There have been so many claims from hurricanes in the last 10-20 years that it’s become impossible for them to maintain their profitability.
I’ve got family who live down there who are now self-insuring. Pretty crazy, in my opinion, but they can’t afford the premiums now. It’s either that or sell and move out of Florida. They could do that, but they probably couldn’t sell their houses for what they owe because, thanks to the insurance issues in the state, home prices have been dropping.
Something sort of like the 08 collapse
No shit, why were we listening to a bunch of pseudo-science experts and ignoring the pleas of Climate Scientists, Environmental Scientists and Geologists?
Is it because “economics” is in practice a discipline devoted to rationalizing the cruelty of the rich as somehow a natural and desirable state?
Just think what a great investment it would have been to listen to Al Gore twenty years ago.
Alas,conservatism. No wait, unbridled capitalism and corporate greed.
Eh, why not both?
I’m sure it’s just natural disasters, predominantly affecting “those” people. They should have known better. Anything else is just DEI and needs to be abolished.
/s
