Lloyd’s of London CEO goes on incoherent rant against the weather

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:


Read more at Not A Lot Of People Know That

Comments (5)

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    Spurwing Plover


    Everybody run for the hill the Lunatics are loose and the roaming the streets looking for victims to swindle and their being lead by Al Bore<Leonardo DiCaprio,David Suzuki,Bye Nye and the leaders of variuos eco-wacko groups

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    Careful what you wish for, Inga. In a perfect world, insurance wouldn’t be necessary.

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    Heres the thing – the Elite / Establishment all suppot the same bonkers ideas, as it makes them loads of cash. In the ancient days, the Aztecs used to cut peoples hearts out as sacrifices to keep the plebs in line. These days there is climate change and cholesterol….

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    Solar – Wind is cheaper
    “King coal: dead or dying
    The flipside of the renewables BOOM is the death spiral of coal,
    the filthiest deadliest of fossil fuels / the most Govt. Supported & Subsidized.
    Production now appears to have peaked in 2013.
    The speed of its demise has stunned analysts.
    In 2013, the IEA expected coal-burning to grow by 40% by 2040
    – today it anticipates just 1%.
    The cause is simple: solar and wind are cheaper.
    But the consequences are enormous:
    in pollution-choked China, there are now no provinces where new coal is needed,
    so the country has just
    mothballed plans for 151 plants.

    Bankruptcies have torn through the US coal industry and in the UK,
    where coal-burning began the industrial revolution,
    it has fallen from 40% of power supply to 2% in the past five years.
    “Last year, I said if Asia builds what it says it is going to build,
    we can kiss goodbye to 2C” – the internationally agreed limit
    for dangerous climate change – says Liebreich.
    “Now we are showing coal [plans] coming down.”
    But he warns there is more to do.
    Solar and wind are NOW FAR cheaper than new coal…!”

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    The real catastrophe for Lloyd’s would be a lack of natural catastrophes resulting in nobody requiring storm insurance.

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