A secret report shows that Florida underwriters were banking massive profits while stiffing customers. Welcome to insurance in the era of climate collapse.
Archived copies of the article:
Fuck McKinsey.
Remarkably, most major carriers still support fossil fuel production, knowing full well that their actions will hasten the demise of their own industry and so much else. Kousky thinks there’s “a collective action problem” at work. “Like, if one insurer gives up that profitable business, then that fossil fuel company will go to the insurer who doesn’t care,” she explained. “Unless you can somehow get all of the companies to agree to withhold insurance and all the banks to withhold financing, which is just a really difficult problem when you can make a ton of money off it,” she added, “it’s not going to happen.”
That’s called a “market failure.” Fixing that kind of problem is what government is for, at least when it hasn’t been fucking sabotaged and dismantled by those same grifters!
Aside from all of the terrible things it acknowledges, that was an awesome article. Really well written. Thanks for sharing!
Yeah, I knew about most of this already, but it was so well put together, it’s definitely worth the read.
I knew most of it but it was so nice to see someone else stringing it all together coherently. It made me feel like most news articles gaslight us about reality but finally someone is just telling it how it is.
Absolutely! You eloquently described exactly how I felt!
https://www.merriam-webster.com/dictionary/profiteering
prof·i·teer·ing ˌprä-fə-ˈtir-iŋ
: the act or activity of making an unreasonable profit on the sale of essential goods especially during times of emergency
(which is normal and desirable in capitalist free market systems)
