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What Insurance Companies Already Know About Climate Change

What Insurance Companies Already Know About Climate Change

 

Written by Richard Schiffman

When they woke up in the morning, my mom used to ask my dad what the weather was going to be like that day. “Stick your fool head out the window,” he would reply. I say the same thing to the Republican presidential candidates. If you want to know if climate change is for real, stick your fool heads out the window. You might notice– what the rest of us already have– that the weather has been changing. A lot.

Take New York City, where I live. Nobody remembers a winter this warm. Daffodils are already coming up in a community garden on my block– over a month early. In January, a cherry tree was in full bloom, fooled perhaps by the “spring rains” we’ve been having all winter. In the fall, a freak October storm took down thousands of still leafing trees in Central Park with the weight of wet snow. And a year earlier, the five boroughs were raked by several tornadoes, an almost unprecedented event.

New York is hardly alone. Last year over a thousand tornadoes ripped across the Midwest killing 500 people, the Mississippi river flooded inundating millions of acres, Texas had its driest summer in memory, an estimated 15,000 people died in a Russian heat wave, there was a major drought in China and famine in Somalia. 2010 was the hottest year on earth since record keeping began, with 2011 not far behind. Last year saw 14 separate billion dollar weather disasters, almost double any other year to date. And there was far more extreme weather– over half the country experienced either flood or drought.

So what’s going on? No single storm or spell of unseasonable weather can be laid categorically at the feet of climate change. But the growing consensus amongst scientists is that the rise we’ve been seeing in catastrophic weather events worldwide is no coincidence, but the inevitable result of a warming trend which produces more water vapor in the atmosphere and an increase in severe wind events like hurricanes, monster thunderstorms and tornadoes.

Yet as the scientific evidence mounts with every passing year, the deniers become more vocal in their rejection of climate change. Even Mitt Romney, the ostensible moderate amongst the Republican presidential hopefuls, asserts that, “We don’t know what’s causing climate change on this planet. And the idea of spending trillions and trillions of dollars to try to reduce CO2 emissions is not the right course for us.” Never mind that in his 2010 book, No Apology, Romney wrote, “I believe that climate change is occurring. … I also believe that human activity is a contributing factor.”

Others like Santorum, Gingrich and Paul flat out assert that climate change is a liberal hoax. But, while these ideologues evince little faith in what science is saying, they do have a habit of listening to the big corporations. So they would do well to heed the warnings of the insurance industry, a group with no political axes to grind on the question of global warming, and billions of dollars riding on their ability to accurately prognosticate future risks. On March 1st, senators Bernie Sanders and Sheldon Whitehouse met with insurance industry officials on Capital Hill to discuss their concerns about climate change and the escalating costs of damage from extreme weather.

The worldwide insurance industry is huge, three-times bigger than the oil industry. And right now these companies are running scared. Some are threatening to cancel coverage for homeowners within 200 miles of the coast, where destructive hurricanes are on the increase, and in drying areas of the West, where wildfires have wreaked havoc in recent years.

Marsh & McLennan (MMC), one of the world’s largest insurance brokers, called climate change “one of the most significant emerging risks facing the world today,” while the insurance giant AIG has established an Office of Environment and Climate Change to review and assess the risks to insurers in the years ahead.

2011 was a bad year for insurance companies due to the steep rise in catastrophe-related losses. And the industry’s own scientists are predicting that things could get a lot worse in the years ahead.

The Republicans say that we can’t afford to pay for cutting the carbon emissions which climatologists assert are largely responsible for rising global temperatures and the spike in violent weather. What we truly cannot afford, according to our nation’s leading insurers, is to continue to deny a problem whose price tag is slated to go through the roof if we don’t act quickly.

Richard Schiffman is the author of two books and is a poet based in New York City, as well as a freelance journalist. His work has appeared in the Washington Post, Salon.com, The Christian Science Monitor, NPR and leading literary journals. His “Spiritual Poetry Portal” can be found here.

 

Related Stories:

Climate Change Denial Sweeping Into Public Schools

The Convenience Button and the Ethics of Climate Change

Climate Change Deniers Set School Policy, Forecast Weather

 

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Photo from yewenyi via flickr

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85 comments

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4:20AM PDT on Jun 24, 2014

The interests of the insurance firms and the interests of King Coal are almost exact opposites. Insurance firms would be much happier if the weather would calm down. King Coal is fighting for its corporate life and so terrified of being stuck with about 200 years worth of stranded inventory that it is throwing temper tantrums instead of diversifying into renewable energy.

11:10PM PST on Jan 19, 2014

While the admin of the web site is working, no question soon it will likely be famous, due to its feature blogs.

cheap car insurance in md

5:45PM PDT on Apr 1, 2012

Ooh what a surprise.... are they not in denial?????

2:17PM PDT on Mar 15, 2012

something to consider. thanks.

5:43AM PDT on Mar 15, 2012

Thanks for the article.

4:04AM PDT on Mar 14, 2012

Thanks for the information,

9:10PM PDT on Mar 13, 2012

there is a simple solution to climate change, the first is to pedal where you need to go and the second is to add solar panels to the roof of your home

6:35PM PDT on Mar 13, 2012

Global warming is real. However where I live it may be getting colder the fact is though that global warming causes weather extremes, but the overall temperature of earth is rising.

10:21AM PDT on Mar 13, 2012

Enhanced Geothermal Systems can make good use of huge amounts of CO2 as their hydraulic/heat-transfer fluid, providing both a technical fix for global warming and a replacement for coal-fired electrical generating capacity when we do finally run out of coal after burning all our fossil fuel reserves.

7:32PM PDT on Mar 12, 2012

Anyone who doesn't believe in global warming and the resulting implications for life on Earth either isn't paying attention, enjoys playing ostrich, or actually lives in Central Siberia.

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