Yet another bit of virtue signaling, this time from the CEO of Lloyd’s of London, Inga Beale:
The Telegraph has been getting shirty about me copying their articles (particularly any that criticise Jillian Ambrose it seems!).
So you will have to make do with my highlights.
She starts with two howlers:
As communities around the world pick themselves up after a string of devastating storms, floods and weather shocks, we are reminded about the impact of climate change.
The Lloyd’s market has paid almost $2bn (£1.5bn) in claims for natural catastrophes so far this year. It could turn out to be one of the costliest years on record for natural disasters, a fact that will no doubt reinforce determination to tackle this growing problem. We know that the frequency and cost of natural disasters continue to rise, with direct losses over the past decade estimated at $1.4 trillion globally.
You will probably realize that her article is not worth reading at this stage:
1) First, she confuses weather with climate.
2) Secondly, she ignores the fact that insured losses are rising because global GDP is rising, and because there are more people and more infrastructure in areas at risk of weather disasters:
She then drivels on about what the insurance industry can do, such as:
1) Offering discounts for climate-resilient homes. (Whatever they are).
2) Getting governments to finance insurance for coastal and other natural habitats, which can help dampen the effect of storms. (She misses the real issue – that too many of these natural barriers, such as floodplains are being developed and built over).
3) Stopping investment in coal companies. (I’m sure China and India will really take notice of that).
4) Err – that’s it.
Meanwhile, Lloyd’s profits are doing very nicely, thank you, obviously not affected in the least by all of this climate catastrophe.
I cannot think of a better retort than this one from John Wright:
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