Liz Payton
Peter GleickClimate change and extreme events are explicitly mentioned as a reason insurance companies are withdrawing from markets with skyrocketing risks.
Do you still deny #climate change, or don't want to act to address it?
The market is coming for you.
Michał "rysiek" Woźniak · 🇺🇦@petergleick come on, those insurance companies are famous for being woke and radical-left, everybody knows that!
jackhutton 🇺🇸@petergleick "State Farm last year posted a net loss of $6.7 billion, driven largely by losses in the auto division. The company’s homeowner division recorded $849 million in underwriting gains."
Not uncomplicated, is it..
Not uncomplicated, is it..
@jackhutton This seems to be a forward look at where they expect future losses to skyrocket.
Ipso Facto@petergleick @jackhutton Yep, take the gains and run. Who is the 2nd largest property insurer in CA?
Caffe Neko@petergleick What's the point of insurance again? Sorry our disasters are creeping into your guaranteed income streams.
Grandpamurph@petergleick already being dropped in Florida and having rates doubled or even tripled!
Doug Baker - Elbows Up! 🇨🇦@petergleick I’ve said that for years: insurance companies have been factoring climate change into actuarial thinking for a long time.
kurtsh@petergleick Meanwhile, State Farm has no such freeze in the nightmare known as Florida. 18,000+ new policies in hurricane country in 2022.
I'm all for recognizing & taking action against climate change but I believe State Farm's actions were more about CA State legislation mandating *discounts for high risk property* that State Farm's actuaries said 'no' to.
If State Farm were allowed to set rates that met the risk, my bet is there'd be no such freeze.
https://www.floridarealtors.org/news-media/news-articles/2023/04/which-fla-property-insurers-still-accept-clients
Nicole ParsonsThere's another factor at play. Oil industry billionaires have been buying up insurance companies for over a decade.
What's the likelihood an insurance subsidiary will defy the will of a parent company?
The fossil fuel industry knew about climate change for over 40 years & decided to profit from the climate catastrophe they caused.
Industry consolidation. Monopolization. Captive consumers & price squeezes.
1/4
What's likely is that the insurance industry is using ESG as a pretext to price gouge & disguising squeezing out smaller oil operators by self-insured #KochNetwork conglomerates. It's greenwashing. Fake environmentalism. Phony risk management.
https://www.offshore-technology.com/news/ovintiv-set-encaps-assets/
State pension funds are being held hostage by GOP oil donors.
https://news.bloomberglaw.com/in-house-counsel/texas-republicans-bucking-esg-turn-focus-to-insurance-industry
3/4..
3/4...
Reminder: China is indifferent if a Russian oil tanker is uninsured
https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/110722-shipping-russian-oil-flow-to-asia-may-not-slow-on-insurance-glitch
Ditto Turkey, now Erdogan got Musk to interfere in his elections.
https://www.aljazeera.com/news/2022/12/7/turkey-seeks-proof-of-insurance-from-russian-oil-tankers
After all, any oil leak by Russia will be cleaned up by the Western democracies who rightfully levied sanctions on a genocidal maniac.
4/4
Westfield just bought Lloyd's of London. Their CEO is Ed Largent. Guess which PAC donates to the GOP?
https://www.insurancejournal.com/news/international/2023/02/03/705916.htm
EmergencyJoe@petergleick It is worse than you think
State Farm left Florida. Look what is happening in Florida now
https://climatecrocks.com/2023/05/23/5-ways-floridians-are-paying-a-climate-tax/
