Whether you are a rancher, farm, or live near a beach or national forest, insurance companies are coming for you. Whether you live in Greece or France, Australia or Lagos, or the good old USA, the acceleration of climate change is “driving an avalanche of canceled insurance or denials ” for new and existing home and business mortgages and crop failures due to changing definitions of high-risk natural disasters in your region.
Insurers won’t promote the fact that you’re going to be screwed as the climate impacts of our fossil fuel economy continue to wreak havoc on our cities, coasts and farms. Insurers went from covering a once-in-a-hundred-year event to a once-in-a-thousand-year disaster. This is because sapiens has failed to master our biosphere-killing consumer economy, where disasters change from 100 years to every three to five years. It’s expensive, and insurers don’t like paying thousands of people for damage from a storm or fire. They are in the insurance business to make money. Just ask a Fort Myers resident if they’ve received their payout.
Lawrence Wollersheim writes in Job One for Humanity:
The old and long-used 100-year record standard that insurers typically use to rate and evaluate extreme weather risks such as heat waves, droughts, wildfires, hurricanes, tornadoes, cyclones, rain bombs, sea level rise, flooding or erosion, storms [Derechos]dust storms, wildfire smoke events, unseasonal cold snaps and other unusual unseasonal weather conditions is no longer relevant in today’s rapidly escalating global climate change emergency!
Insurance companies have repeatedly witnessed (and are tired of paying for) 100-year extreme weather events that now occur every 3-5 years or less.
In addition to paying for many more climate-related losses, it didn’t take long for the world’s insurance companies to also notice that records for extreme weather of all kinds had not been broken for many small quantities as in the past. Now it became clear to them that there were new records for extreme weather of any kind are occurring in increasing percentages. As a result of this and several other factors below, the world’s top insurance companies are scrambling to reassess and recalculate their policy portfolios and acceptance policies.
They are also starting to be used uncensored climate change impact projections and timeframes from private sector climate risk analysis firms, not the highly underestimated summary reports of public data of governments or the United Nations Intergovernmental Panel on Climate Change (IPCC). Insurance companies are now also developing and using new 1,000-year record standards for heat waves, rain, drought, winds, flooding wildfires, and all other types of extreme and unseasonal weather that will unfortunately become the new normal in the future.
Insurance companies are now forced to use 1,000-year record standards for extreme climate risks because climate change has worsened so much that the old hundred-year standards are completely inadequate for determining current risk levels. Also, due to accelerating climate change, 100-year extreme weather records are occurring every 3 to 5 years instead of about once every hundred years. Some climate scientists predict that even the new 1,000-year-old insurance standards will soon be obsolete because we will soon face climate change-induced consequences and conditions that have not occurred in hundreds of thousands of years.
The most competent climate risk analysts of the world’s better managed insurance companies now i know too that the severity, frequency and size of the areas affected by effects of climate change will increased radically between 2025 and 2031. Furthermore, they also know that after 2031, if our governments fail to act effectively before 2025, severity, frequency and size of affected areas by intensifying the effects of climate change will growing exponentially!
Citizens, deniers and enablers may not take the facts and the climate emergency seriously, but the insurance industry is taking note. They know that wind storms in the Atlantic basin are no longer the freak storms we used to know as fast-moving compact storms (like Andrew or Charley). The storms we’ve experienced recently are significantly larger in size and more powerful, including staggering amounts of rain that stop and pound the unfortunate for days on end. The same can be said for forest fires, floods and droughts, the climate is collapsing, and we are only at the beginning of the collapse.
Climate scientists are no longer ignored by industry. When these scientists predict impacts of hundreds of trillions of dollars worldwide, State Farm will sit up and take notice. They know that the IPCC reports are more complex and more extensive than they claim. Science is not boring to them; this is a wake-up call and the rosy outlook of politicians and the fossil fuel industry will not sway them.
As a result, insurers have stopped or will stop writing policies in the 1,000-year danger zones. With a renewal policy, insurers have made full exemption clauses in these areas. As millennial events become more frequent, “these new exemptions related to the effects of climate change specifically deny all related to climate change damages related to ALL extreme weather events such as heat waves, droughts, wildfires, hurricanes, tornadoes, cyclones, rain bombs, sea level rise, flooding or erosion, wind storms [Derechos], dust storms, wildfire smoke events, unseasonal cold snaps and other unusual non-seasonal weather conditions. “
I borrow more from Job One for Humanity about writing exceptions:
a. any unexpected extreme weather event is exempt from coverage that has not occurred in the past 100 years.
b. any extreme weather event that betters the previous 100-year event record by 3-5% or more is excluded from coverage.
3. They set interest rates on new or renewal policies so high that no typical homeowner, business owner or farmer homebuyer could afford them.
The article is long, but there is much more information.