Solomon: Green Insurance Fraud

Climate alarmism is an excuse for jacking up insurance premiums to make up for the industry’s failed investments.

Lawrence Solomon writes in the Financial Post,

… The insurance industry, like most in these turbulent times, hasn’t done well of late in picking blockbuster stocks. But it has done brilliantly in picking blockbuster scares — all related to global warming. The upshot? The insurance industry wants more money to cover its poor stock picks. And more money again to cover future global warming risks. With the government’s blessing, insurers will now jack up your home insurance premiums by 10% to 15% in the coming year.

The insurance industry earned every dollar that it makes from global warming — its sharp-eyed marketers spotted the potential before anyone else. In 1973, Munich Re, one of the world’s largest insurers, warned that rising temperatures could result in receding glaciers and polar caps, shrinking lakes, and rising ocean temperatures, with carbon dioxide as the culprit.

“We wish to enlarge on this complex of problems in greater detail, especially as — as far we know — its conceivable impact on the long-range risk trend has hardly been examined to date,” Munich Re concluded. And enlarge on the problem it did. Munich Re enlisted others in the insurance industry and then methodically and relentlessly made its case to Greenpeace, other environmentalists and other industries that stood to profit.

The result was the greatest environmental scare success in history…

Read Solomon’s column.