Climate-change bilking by Big Insurance is slowly but surely being exposed by the media. The noose around the climate change scam is tightening.
Reinsurers are cashing in by spreading dubious fears of weather extremes. Photo source: Tomas Castelazo, GNU Free Documentation License, Version 1.2 or any later version.
Spiegel reporter Axel Bojanowski has a piece today at the online Der Spiegel: Scientists reprehend climate warnings made by insurance companies.
We know that Big Insurance is drooling over the fat profits to be made from jacked up premiums that policyholders are being asked to cough up because of “increasing weather-related extremes.” Spiegel introduces its piece with:
The Münchener Rückversicherung (Munich RE) claims to have found the first proof that man-made climate change is triggering more and more weather catastrophes in North America. Scientists are outraged.”
Here the scientists are not outraged about the man-made weather catastrophes. They are outraged by the outrageous claims now being made by reinsurers like Munich RE, which underwrites insurance companies against extreme payouts for weather-related damages. The Munich RE is now telling its clients worldwide that it has found the “first footprint” of man-made climate change in North America.
The Munich RE is convinced that it has enough data to conclude that the frequency of weather extremes has increased in North America, a market where it collects half of its premiums. Its press release claims:
Nowhere in the world is the rising number of natural catastrophes more evident than in North America. The study shows a nearly quintupled number of weather-related loss events in North America for the past three decades, compared with an increase factor of 4 in Asia, 2.5 in Africa, 2 in Europe and 1.5 in South America.”
Munich RE director of geo-research Peter Hoppe adds: “Such a chain of evidence for the impact of climate change is unprecedented.”
That means profits – if the policyholders believe it. Spiegel quotes Munich RE board of directors member Peter Röder:
With today’s premiums against weather catastrophes in the USA we are “really satisfied,” explained Röder at a press conference in Munich. ‘The expectations for more violent storms have already been factored in.'”
And now the money is flooding into Munich Re coffers and those of other reiensurers, like a tsunami. So what do scientists say about the (money making) claims made by reinsurers like Munich RE? Spiegel quotes Roger Pielke Jr., who wonders (paraphrased): “Where’s the evidence?”
Atmospheric scientist Clifford Mass of the University of Washington in Seattle adds:
Most of the claims make no sense and contradict observations.”
Indeed observations show that there has not been any increase in extreme weather. Spiegel cites a tornado study by Pielke that is slated to appear soon in “Environmental Hazards”. The study shows that tornadoes since 1950 have actually reduced in their destructive power.
Spiegel calls the claims made by the reinsurers, particularly Munich RE, “suspicious”, quoting Pielke and Mass:
‘When the Munich RE thinks it has discovered the first footprint, then it should submit its study to a scientific magazine for review’. Publicizing an alleged discovery via press release “is suspicious”. Atmospheric scientist Mass agrees: “Climate change is serious, but hyping the trend and distorting it is irresponsible.”
Pielke reminds us that the data tells us the opposite; droughts in the USA have gotten shorter and less severe over the last decades.
Bojanowski sums up by quoting the late Austrian climate researcher, Reinhard Böhm: “With this short term gag, which is getting light attention, we should not bury the credibility of science.”
Thanks Spiegel for this insightful piece!
Also read (hat-tip mwhite): The BBC covers for the big swindlers. (Not surprising seeing how the Beeb also covered for a pedophile running loose through its organisation.)