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.
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.
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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
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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.
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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