I suggest saving your vitriol for a government intent on buying votes with their handouts, and not i

WUWT reader auto rental for driving test in las vegas jimbo writes in Tips and Notes: We often hear how climate disasters / extreme weather events are getting worse. We know there is no evidence and sometimes auto rental for driving test in las vegas the opposite is seen. Now let’s look at the insurance industry. Surely they could tell us that things are indeed getting worse than we thought!
The effects of climate change, “if any,” have not affected the insurance market, billionaire Warren Buffett told CNBC on Monday—adding he’s not calculating the probabilities of catastrophes any differently.
While the question of climate change “deserves lots of attention,” Buffett said in a “Squawk Box” interview, “ It has no effect … [on] the prices we’re charging this year versus five years ago . And I don’t think it’ll have an effect on what we’re charging three years or five years from now.” He added, “That may change ten years from now.”………
….But Lloyd’s combined ratio, a measure auto rental for driving test in las vegas of profitability showing how much insurance premium is paid out in claims auto rental for driving test in las vegas and expenses, deteriorated to 88.2 percent from 86.9 percent. A ratio below 100 percent indicates an underwriting profit. “It’s been a fairly benign period for major catastrophes,” Parry said.
Yes, a cynical person might also point out how many, how almost all of the people who have profited massively from building up the scare just happen to be so closely affiliated to the political party who did everything it could to fan the flames of the scare.
Climate change is one of the greatest risks facing humankind this century. Through a part of its core business, the insurance industry is directly affected and therefore assumes a leading role in devising solutions for climate protection and adaptation to the inevitable changes.
However, the world’s largest re-insurer (and a very active proponent of global warming catastrophe), Munich Re, has just released its latest “catastrophe auto rental for driving test in las vegas report“, which looks at the first half of 2014. In it there are some interesting admissions.
Buffett told CNBC March 3, that extreme weather events haven t increased due to climate change, saying that weather events are consistent with how they were 30-50 years ago. Buffett, who is heavily invested auto rental for driving test in las vegas in various insurance markets, said that climate change alarmism has simply made hurricane insurance more profitable, driving up premiums without increasing risk.
Since the 1970s, Munich Re has analysed the effects of climate change , applying resulting auto rental for driving test in las vegas insights auto rental for driving test in las vegas and findings to the risk evaluation of natural catastrophes. But sensitising society to a changing environment and cultural commitment are also factors that have always had a high priority at Munich Re, and are inherent to our corporate culture.
auto rental for driving test in las vegas And this inconvenient truth is the problem for them. Aside from peer reviewed papers I thought there has to be some other global metric. The 2 insurance firms are pretty large and do quite a bit of re-insurance.
auto rental for driving test in las vegas Just as with claims about spiral auto rental for driving test in las vegas global ice melt we then take a look at the rate of sea level rise. The evidence I have found from the peer review is DECELERATION auto rental for driving test in las vegas in the face of thermal expansion and the death of ice. You have to ask yourself WUWT?
It is found that the GMSL rises with the rate of 3.2 ± 0.4 mm/yr during 1993–2003 and started decelerating since 2004 to a rate of 1.8 ± 0.9 mm/yr in 2012. This deceleration is mainly due to the slowdown of ocean thermal auto rental for driving test in las vegas expansion in the Pacific during the last decade, as a part of the Pacific decadal-scale variability, while the land-ice melting is accelerating the rise of the global auto rental for driving test in las vegas ocean mass-equivalent sea level .
It is essential that investigations continue to address why this worldwide-temperature auto rental for driving test in las vegas increase has not produced acceleration of global sea level over the past 100 years , and indeed why global sea level has possibly decelerated for at least the last 80 years .
.. The reconstructions account auto rental for driving test in las vegas for the observation that the rate of GMSLR was not much larger during the last 50 years than during the twentieth century as a whole, despite the increasing anthropogenic auto rental for driving test in las vegas forcing. Semiempirical methods for projecting GMSLR depend on the existence of a relationship between global climate change and the rate of GMSLR, but the implication of the authors closure auto rental for driving test in las vegas of the budget is that such a relationship is weak or absent during the twentieth century.
The Florida Office of Insurance Regulation on Friday said the average Citizens’ auto rental for driving test in las vegas homeowners rate will fall by 3.7 percent, slightly more than the 3.4 percent cut Citizens had originally auto rental for driving test in las vegas sought in June. Rates will fall 4.6 percent, on average, auto rental for driving test in las vegas for mobile home owners with multi-peril coverage.
My Citizens insurance went up this year. Not a whole lot but it went up. Keep in mind that in the 12 years I have lived in this house I have paid a total of about $12,000 in premiums. My house is insured against wind damage for $170,000. Not a bad trade off.
The statement Insurance underwriters tend to perform less well in the absence of major catastrophes, as insurance premiums fall….. is a surprise at first. Perhaps the explanation is that major catastrophes are marketing tools, causing more people to buy insurance. Thus even though pay-outs increase, the incoming money increases even faster.
So if the insurance industry could invent an entirely fictitious major catastrophe, and convince everyone that it was already happening, then they could increase the incoming money without increasing pay-outs. Which would doubly improve their profits.
Speaking as an insurance industry insider, I hope I can explain without being too dull that the increased profit following a major loss event is all in the payback increased rate for the next and subsequent years coverage. With excess loss reinsurance generally the insurer pays the reinsurer an additional premium auto rental for driving test in las vegas in the same coverage year as the loss as well as an increased auto rental for driving test in las vegas rate in subsequent year(s). The reinsurer has further reinsurance for their own account which will be cheaper than the reinsurance they provide, so they arbitrage on the additional premium they receive versus what they pay. So perversely when the losses are quiet, premium auto rental for driving test in las vegas rates fall but expense rates are constant so profitability drops.
No apology needed. Your comment points out that financial systems behave like the climate system, adjusting to disturbances and distributing the flow throughout the various parts as equilibrium is restored.
I have 40 years experience in the insurance and reinsurance world (including design of cat models) and I can confirm what Admad said. Sorry, no exciting conspiracy. There is constant pressure for reduction in rates (which may come as a surprise to those of you paying for your insurance.) When the wind doesn t blow, the insurers succeed in getting reductions in rates for reinsurance, auto rental for driving test in las vegas which they may or may not pass along to customers. Then the winds blow, the reinsurers pay out, and they get the spine to insist on increased rates, which may stay high enough long enough to cover their losses and more. Of course, when the alarmists are preaching Armageddon, the reinsurers might not literally lie, but they are only too happy to point to those predictions when sitting in negotiation. The prices paid for coverage are partly pure numbers, but a big dose of negotiation skill, and the warmists have been good for the reinsurers.
Insurance is a zero sum game. At least in theory (there is the vigorish to remember). auto rental for driving test in las vegas However, through actuarials, auto rental for driving test in las vegas you estimate how many people are going to buy, then through (hopefully) science, how much you will be obligated to pay. You then match the numbers by applying weighting factors (rates), with a little extra on your side of the ledger for expenses and a ROI. And all is good with the world.
Then a monkey wrench auto rental for driving test in las vegas is thrown in. Due to creating hysteria based upon false information (not the insurance companies, the government), a LOT more people buy the product than was originally projected. Which means there is a LOT more revenue coming in, which far exceeds the expenditures. auto rental for driving test in las vegas And it is pure profit. That is what is happening.
What you are describing is NORMAL operations. Where the revenue an insurance company gets AFTER an event is used to pay for the preceding event (why your insurance rates go up after an accident). But there has been no accident. The rates were set based upon X number of people buying your product for Y events causing Z dollars of damage. But X+millions bought auto rental for driving test in las vegas instead. So it does not matter about Y and Z as revenues are already auto rental for driving test in las vegas up.
As long as we are not compelled to buy insurance, for example I have no renters insurance, a lack of disasters will lead to reduced premiums or no premiums as all as more and more people delay buying, shop for a better deal, or just say no thanks.
You seem young. Back in the day, insurance was a quick aim. But accidents and acts of nature were something you just lived with. There was no paper insurance of any kind. And it seems, auto rental for driving test in las vegas we survived all right.
Ms Gray has every right to assess her own life and decide is the risk is something from which she can afford to recover on her own if she loses the bet she makes. That s called liberty. And from my previous posts here, people are probably starting to see that I m all for that choice, and for people bearing the consequences (and us helping our less fortunate neighbors of our own volition, auto rental for driving test in las vegas or not).
The issue to which you are objecting is that some (or possibly many) are not really making a bet and intending to live with the resultant consequences. Instead they are gaming the system of government auto rental for driving test in las vegas handouts. As you suggested, you should object strenuously to the government (especially the feds) bailing people out. This is not a job of the federal government, whether it s business (ENRON, GM, etc.), banks (US BANK, etc), mortgage holders, mortgage lenders (Fannie and Freddie) or insurance companies (AIG).
I suggest saving your vitriol for a government intent on buying votes with their handouts, and not individuals who make the best choice with their own liv