Britain’s main insurance actuary organization says most economists and financial institutions are misleading us and our governments by vastly underestimating the economic damage climate change could cause.
Britain’s main insurance actuary organization says most economists and financial institutions are misleading us and our governments by vastly underestimating the economic damage climate change could cause.
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Submissions Statement.
Is there anything economists are actually good at? They are absolutely awful analyzing the future when it comes to AI and robotics, now we can add climate change to the list of things they fail miserably at.
You can’t bullshit an insurance actuary. They have to put their money where their mouth is. If they tell us what they think the true economic implications of climate change are, they are the people I believe.
If a government won’t regulate for it, or a business won’t seek profit in it, an insurer will effectively force you to do it.
Insurers know the risks of climate change and how they balance against the opportunities. They also know the risk of stranded assets in the fossil fuel industries. They have run the models, sought expertise from leading scientists, and have spat out the numbers at the end. They know climate change and its effects will be a shit show where they will struggle to make money.
Insurers pulling out of Florida is just the start.