Crony Environmentalism: Insurance Firms Exploit Climate Fears to Raise Rates
Insurance companies must also take note of the fact that many countries lured into hopelessly impractical green-energy policies are scrambling and changing course. Holger Krahmer, German member of the European Parliament, said:
For the first time, rising energy costs and the declining competitiveness of the European economy will be rated higher than obviously unenforceable global climate change ambitions. The economic and social consequences of collective hysteria can no longer be ignored, as the governments of the EU member states admit in this paper.
We need to rethink the role, cost, and need for insurance. It often encourages bad practices and careless behavior. If people live in high-risk zones, why should others have to pay when the inevitable happens? It also invites exploitation of fear for unwarranted profit -- such as when insurance companies raise rates using artificially increased risk assessments based on failed computer models which are built on inadequate data, and when they work with experts paid to produce alarmist science.
Munich Re, for example, uses the IPCC as their primary source of information, despite broad exposure of the UN body’s corruption and failed predictions.
Like many insurance companies, Swiss Re tells us that they are “committed to being a responsible company.” They, and the many other corporations that are cashing in on the crony capitalism of the climate scare, need to prove it by stopping the exploitation of scientifically unjustified, self-promoted fear for profit. They need to realize that there can be no successful businesses in a failed society, and their support of the climate scare is accelerating that failure.