iPhone app iPad app Android phone app Android tablet app More

Featuring fresh takes and real-time analysis from HuffPost's signature lineup of contributors
Richard Schiffman

GET UPDATES FROM Richard Schiffman
 

What the Insurance Industry Already Knows About Climate Change

Posted: 03/ 8/2012 4:35 pm

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 listen 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, and billions of dollars riding on their ability to accurately prognosticate future risks.

On March 1, 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 global 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 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 the insurance companies due to the steep rise in catastrophe-related losses. And the industry's own scientists are predicting that things are primed to 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.

 
 
 
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 Republica...
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 Republica...
 
 
  • Comments
  • 27
  • Pending Comments
  • 0
  • View FAQ
Comments are closed for this entry
View All
Favorites
Recency  | 
Popularity
photo
aliceandthecat
the most curious thing I ever saw
08:02 AM on 03/14/2012
The Insurance industry know that it is looking down the loaded barrel of increasing claims, be it for flood, droughts, storm damage, or human illness. For once corporate greed might work in our behalf. The Insurance Industry has come to notice that, with regard to global warming, the house is already on fire. They are the one's who will be paying out the nose for an already damaged envirnoment.
10:02 PM on 03/11/2012
Create a big global warming scare with fake science and massive propaganda, then act surprised when the insurance industry cashes in with new insurance products.

Shocking.
This user has chosen to opt out of the Badges program
photo
doriath22
Born-again Jacobin. Robespierre had the right idea
02:02 PM on 03/09/2012
It's really very simple. Insurance companies deal with the world as it is, not as the folks that make trillions off the status quo wish you to believe it is. Same reason the DoD is planning to cope with AGW
photo
HUFFPOST SUPER USER
AlbanyConservative
Always right!!
12:17 PM on 03/09/2012
Consensus? Seriously?

Consensus is not science.

There is no evidence that any weather is caused by man-made global warming. You pick and choose what evidence you want people to see and then yell "see, I told you!"

forget the fact that Hanson has been caught manipulating data. Forget the fact that the Himalays have had "NO" ice melt in the last 10 years, which contradicts almost every alarmist on the planet.

temperatures over the last decade are severely lower thatn almost every prediction from the "experts."

Your man-made global warming is being exposed for what it really is: liberal, political propoganda being used to try to manipulate socieity. good luck.
photo
HUFFPOST BLOGGER
Richard Schiffman
08:33 AM on 03/10/2012
Typical response of the climate change deniers. Just change the facts. The Himalayas were shown to be melting, though more slowly at higher elevations than lower down. Temperatures have been rising-- steadily. And the Heartland Institute is the one that was playing loose with the facts.
photo
HUFFPOST SUPER USER
AlbanyConservative
Always right!!
04:00 PM on 03/11/2012
http://www.naturalnews.com/034940_Himalayan_ice_global_warming.html

Don't you hate it when people have to prove you wrong.

BTW: Temperatures haven't been rising either so, go call your firends and tell them evrything is going to be okay.
10:05 PM on 03/11/2012
Consensus is not science. Anyone who knows anything about science knows that.

"In questions of science, the authority of a thousand is not worth the humble reasoning of a single individual."
- Galileo Galilei
photo
HUFFPOST SUPER USER
Tom Caruso
New World Man
11:23 PM on 03/14/2012
It's the liberals...BLAH, BLAH, BLAH! Cause we know that scientists and the insurance industry are dominated by liberals and the liberal media, right? If you are going to use the Himalayas as an example, you should at least be able to spell it correctly! So, because the highest coldest mountain range on the planet has had no ice melt, that means global warming is false? Great science there! I love it when people like you make asinine political comments about science...it just reinforces the magnitude of this article! Now go back to Fantasyland and listen to Rush Limbaugh!
11:39 AM on 03/09/2012
No one denies climate change. The controversy is whether or not it's man-made. Who knows? We are nearing an event this year that only occurs once every 26,000 years. That could be a big contributor. No one knows for certain.
11:11 AM on 03/09/2012
There's a lot of money to be made by shifting the true costs of an activity to the public. Making a fortune is much easier when others pay for cleaning up the mess. Whether it's higher medical bills, property damages, or ever-growing security related expenses, we pay the price, not those raking in the cash.
09:32 AM on 03/09/2012
Because climate change will affect geopolitics, the military is also on board with finding solutions. My guess is that they would also prefer to not fight another oil war of our choosing and have said as much concerning Iran.
photo
HUFFPOST SUPER USER
David Durham
Just a guy who tries to stay informed and stand fo
09:17 AM on 03/09/2012
We've finally got an aspect in the climate change debate from which one can see an impact coming that is difficult to deny. The fact that weather events have gotten more catastrophic hasn't shaken conservatives out of their denial. But an increase in their insurance bills hits them where denial can't help them; in the wallet. When something starts costing you money things are getting serious. It's sad that a scientific consensus couldn't wake a lot of people up. But as Lincoln once said, 'You must use the tools you have' and those of us who believe the scientific consensus regarding climate change must use this tool. Hey, you don't believe us? Then believe your insurance bill.
photo
HUFFPOST SUPER USER
AlbanyConservative
Always right!!
12:19 PM on 03/09/2012
Scientific consensus said that the world was flat.
Scientific facts proved that it wasn't.
photo
HUFFPOST SUPER USER
David Durham
Just a guy who tries to stay informed and stand fo
12:57 PM on 03/09/2012
The 'consensus' you refer to here was hardly scientific. You can go on denying climate change all you want and you can explain your position in years to come to your grandchildren who will by then be suffering the consequences of your blindness today.
This user has chosen to opt out of the Badges program
photo
doriath22
Born-again Jacobin. Robespierre had the right idea
02:06 PM on 03/09/2012
Actually, that has never been the case. But if it makes you feel any better, the Catholic Church (not a group of Scientists) insisted that the Sun revolved around the Earth.
photo
HUFFPOST SUPER USER
mater
mater
07:36 AM on 03/09/2012
Signs are everywhere--and we deny them at our own peril. Could be one reason Republicans are crying out against higher education as turning people into "snobs"--no, that's called learning and preparing one and one's family with more finesse than the cavemen did. Fools rush in where wisemen dare not tread.
photo
StephenBP
What's he building in there?
06:30 AM on 03/09/2012
It will be interesting to see what the human-caused-climate-change deniers will be concocting to counter the argument that the insurance business believes in climate change, therefore it is probably real. If I am not mistaken, the authoritarian mind set so typical among the deniers is highly associated with the ability to accept contradictory evidence, as long as it is consistent with their core belief system. In this case, how will they, for instance, reconcile a core belief in the virtue and infallibility of free market corporatism, and their belief that global warming is a socialist plot, with the fact that insurance corporations are acknowledging global warming?

I look forward to hearing them tell us how they reconcile these contradictory beliefs.
Dad24
The Right is Wrong
10:47 AM on 03/09/2012
It'll just make their little heads explode.
photo
judgeholden79
You, Never? Did the Kenosha Kid?
12:17 PM on 03/09/2012
They've already given us a road map. It is "there might be climate change, but we don't think it's man made (or don't know), therefore nothing can or should be done about it" mantra. It's another path to get to doing nothing.