Climate insurance is the latest wealth transfer shakedown

The primary goal of the international climate negotiations is to transfer huge amounts of money from the US and other developed countries to the developing countries.

Some of the various schemes for doing this are well established, but a breathtaking new one is emerging — climate insurance.

The basic idea is very simple, which good scams always are. The Federal Government (in other words, taxpayers) buys climate insurance for specific developing countries.

This insurance then pays for damages supposedly due to climate change.

I am not making this up. In fact this nutty idea was endorsed by the 2015 G7 group of developed country leaders, naturally including then President Obama.

They even know roughly how many people will be covered at first, namely 400 million. Note also that paying the premiums is not limited to national governments.

In the US the States, Counties, and Cities could all chip in. So could private firms, organizations, and people.

The beauty of this scam is that it makes wealth transfer very informal, with everything run by the insurance giants.

If the annual insurance premiums are, say, $100 per person then that is $40 billion a year, which is serious money.

They get the 400 million by covering just the poorest and supposedly most vulnerable countries, but of course, that is just the entering wedge.

Paying for all of the damage from all of the bad weather in the developing world would be a (literally) staggering sum.

The scheme is absurd because bad weather is not climate change and the developed countries do not cause it.

Driving cars and using electricity does not create droughts and floods around the world, but that is precisely the so-called science behind this mad scheme.

After all, the folks with the computer climate models are getting enormous research funding to attribute bad weather to human causes.

Ironically, this attribution game funding is also paid for by developed country taxpayers. Americans are paying the people who are trying to rob them!

So I am sure that the insurance companies would find a way to decide which bad weather events were how much due to human-caused climate change.

Of course, the insurance companies love this idea. They have been using the supposed threat of climate change to sell policies and jack up premiums for a long time.

This new scheme opens up a new global market for their products, by extending coverage to people who cannot afford them.

The giant re-insurance company Munich Re has long been a leader in this climate insurance game.

In keeping with the new global wealth transfer scam, it has created the Munich Climate Insurance Initiative (MCII).

Their domain name is Climate-Insurance.org. They even have a new word for the scam — InsuResiliance.

Here is how they describe themselves:

MCII pioneers concepts through its extensive expert network advocating for new ways of applying insurance to complement risk management and adaptation. Secondly, MCII tests risk transfer tools in “lighthouse” projects and provide proof of concept and implementation models for further replication.

MCII feeds its results back to governments and decision makers, affecting regulations and enhancing international aspiration and standards. To provide this cutting-edge professional expertise, MCII works closely with private sector insurers and insurance associations, governments and regulators, delegates to UN policy processes, UN agencies and regional bodies, and scholars & practitioners of risk management and adaptation.

Note the reference to “risk transfer tools” and “international aspirations.” Developed countries aspire to assume, that is pay for, the risk of bad weather, supposedly because they cause it.

In fact, in the UN climate proceedings, these insurance schemes fall under the rubric of “loss and damage,” which means that the developed countries compensate the developing world for the proclaimed evils of climate change.

Note also the references to influencing governments and regulators.

Munich Re is just one of the insurance giants that are lobbying hard for wealth transferring climate insurance schemes because they get the action.

The World Bank is also heavily involved as is the UN Framework Convention on Climate Change.

The basic point is that climate insurance sounds a lot nicer than giving direct financial aid to questionable governments, for questionable purposes.

After all, a good scam has to sound good, right? That the whole compensation-for-climate premise is nuts is irrelevant.

Read more at CFACT

Comments (6)

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    Spurwing Plover

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    Looks like another big time scam by the Big Green shake down customers over a phonie new deal like Global Warming/Climate Change how long before their selling them a certain bridge?

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    Amber

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    Always nice to see the rent seekers revealed . The “insurance ” scam is DOA . The first step is to bully businesses into saying they pose a danger to the climate (Exxon) then buy insurance to buy off the greenies . Kind of like Directors liability insurance that is all but useless .
    Climate changes get over it or move . Just because someone decides to build their mansion on the waterfront or business in a hurricane alley they shouldn’t expect the poor and middle class to
    pay for their choices .

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    keith

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    What a wonderful scam for the insurance industry to take up and not pay up for claims. It’ll be so easy to deny any claim pointing to all the evidence that certain issues are not due to climate change. Money for old rope, right up their street.

  • Avatar

    G

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    “The primary goal of the international climate negotiations is to transfer huge amounts of money from the US and other developed countries to the developing countries.” So true and simple. In any other words the climate change agenda would simply be known for what it is: Extortion.

  • Avatar

    Sonnyhill

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    I won’t buy climate insurance. I do buy crop insurance, which is really weather insurance.
    I haven’t filed a claim since 1992. In the meantime, my yields have climbed nearly 50%.

  • Avatar

    David Lewis

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    With even the IPCC acknowledging that extreme weather events are not increasing, it is incredible that Climate Insurance and Loss and Damage continued to be advocated. It just shows the power of the prospect of free money. It has long been known that transferring wealth from the industrial nations to the developing nations is one of the hidden agendas of the climate change movement.

    The article is right in saying the initial 400 million that would be covered would be just the wedge. If permitted to fully develop, the number, and cost, would increase dramatically.

    The trouble with this sort of scam is it involves the insurance industry that would make a lot of money. Just as is the case with the green energy companies, such industries provide a strong lobby for policies that benefit them.

    I hope Amber is right in that Climate Insurance is DOA. There is good indication it will be. A result of the COP conferences is there is suppose to be a $100 billion a year green climate fund starting in 2020, and a ramping up to that value before then. So far this has been falling short and a subject of each conference is the lack of such funding.

    The article mentioned that it wouldn’t only be federal governments but also state governments that could buy this insurance for undeveloped countries. I live in the State of Washington where right now the governor is attempting to use climate change as an excuse to impose new taxes. This is one of the hidden agendas. However, it is one thing to use climate change to bring more money into the state government, quite another to use it as means to deplete revenue. I serious doubt this state would participate. We can leave that to California and New York.

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