Insurance, Politics and Climate Change
Part 2
Table of Contents
| 
   Chapter 5: Climate Change Affects Insurance Companies & Policyholders  | 
  
   168  | 
 
| 
   The Lawsuits Continue to Rise in Numbers  | 
  
   168  | 
 
| 
   Examples of Severe Weather Events in 2021  | 
  
   169  | 
 
| 
   It Is Still Just Weather!?  | 
  
   171  | 
 
| 
   Fact #1-#5  | 
  
   171  | 
 
| 
   Fact #6-#12  | 
  
   172  | 
 
| 
   Federal Policies on Climate Change Between 2017and 2020  | 
  
   173  | 
 
| 
   An Ever-Growing Wave of Lawsuits Helps the Insurance Industry  | 
  
   175  | 
 
| 
   Will Litigation be the Savior of the Insurance Industry?  | 
  
   178  | 
 
| 
   Wind Insurance in Wind Pool Areas  | 
  
   180  | 
 
| 
   What Defines a Windstorm?  | 
  
   180  | 
 
| 
   Windstorm Insurance Deductibles in Florida  | 
  
   181  | 
 
| 
   Insurer Risk-Knowledge & Management  | 
  
   182  | 
 
| 
   Assessing Risk & Avoiding Losses  | 
  
   187  | 
 
| 
   Life & Health Insurance Will be Affected  | 
  
   193  | 
 
| 
   Changing Landscape Affects Health Issues & Health Insurance  | 
  
   194  | 
 
| 
   Chapter 6: Insurers Have Limited Abilities  | 
  
   196  | 
 
| 
   Persuasion Through Premium Rates  | 
  
   196  | 
 
| 
   Insurance penetration rates  | 
  
   198  | 
 
| 
   Department of Commerce Estimations  | 
  
   205  | 
 
| 
   NFIP: What is the Message for Taxpayers?  | 
  
   207  | 
 
| 
   National Flood Insurance Program (NFIP)  | 
  
   210  | 
 
| 
   1. Premium Increases & Surcharges  | 
  
   210  | 
 
| 
   Pre-FIRM Subsidized Policies  | 
  
   211  | 
 
| 
   Other Subsidized Policies  | 
  
   211  | 
 
| 
   V Zones  | 
  
   212  | 
 
| 
   A Zones  | 
  
   212  | 
 
| 
   X Zones  | 
  
   212  | 
 
| 
   Miscellaneous  | 
  
   212  | 
 
| 
   Changes to Become Effective 1/1/19  | 
  
   212  | 
 
| 
   2. Policy Reformation for Use of Incorrect Standard Flood Ins Policy Form  | 
  
   213  | 
 
| 
   3. Premium Receipt Date for Guidance for Invalid Payments  | 
  
   213  | 
 
| 
   4. Primary Residence Determination  | 
  
   213  | 
 
| 
   5. Clarification of Increased Cost of Compliance Premium  | 
  
   214  | 
 
| 
   6. HFIAA Section 28, Clean Communication of Risk – Phase 2 Re-underwriting  | 
  
   214  | 
 
| 
   7. Datum Conversion  | 
  
   214  | 
 
| 
   8. Updated Claims Data Elements  | 
  
   215  | 
 
| 
   NFIP Risk Rating 2.0  | 
  
   215  | 
 
| 
   What is not Changing  | 
  
   216  | 
 
| 
   Premium Rates under Risk Rating 2.0  | 
  
   217  | 
 
| 
   Phase I and Phase II  | 
  
   218  | 
 
| 
   General Property Form / Standard Flood Insurance Policy  | 
  
   220  | 
 
| 
   Europe Ahead of America in the Reality Category  | 
  
   248  | 
 
| 
   Litigation Risk Due to Both Actions & Inactions Related to Climate Change  | 
  
   250  | 
 
| 
   Physical Risks  | 
  
   254  | 
 
| 
   Transition Risks  | 
  
   254  | 
 
| 
   Liability Risks  | 
  
   254  | 
 
| 
   Driving Factors  | 
  
   254  | 
 
| 
   Insurer Risk is Increasing  | 
  
   256  | 
 
| 
   Insurance Categories  | 
  
   257  | 
 
| 
   Business Interruption Insurance and Resulting Claims  | 
  
   258  | 
 
| 
   Food Safety & Insurance  | 
  
   258  | 
 
| 
   Global Security Also Impacted  | 
  
   259  | 
 
| 
   General Insurance & Liability Affected  | 
  
   259  | 
 
| 
   It is All in the Math  | 
  
   260  | 
 
| 
   Insurance Company Wake-Up Calls  | 
  
   260  | 
 
| 
   Insurers Invest Too  | 
  
   261  | 
 
| 
   Dealing with Transition Risks  | 
  
   261  | 
 
| 
   Liability Risks  | 
  
   262  | 
 
| 
   Professional Indemnity  | 
  
   265  | 
 
| 
   Making Assessments  | 
  
   266  | 
 
| 
   As Always, Opinions Vary  | 
  
   267  | 
 
| 
   Tipping Events  | 
  
   271  | 
 
| 
   International Collaborations & Finance: Premium Rise as Claims Rise  | 
  
   271  | 
 
| 
   Developing New Insurance Products  | 
  
   272  | 
 
| 
   Insurance Impacts from Global Warming  | 
  
   273  | 
 
| 
   Life Insurance  | 
  
   273  | 
 
| 
   Health Insurance  | 
  
   273  | 
 
| 
   Insurers Recognized It First (Along with Scientists of course)  | 
  
   278  | 
 
| 
   Concepts of Insurability  | 
  
   279  | 
 
| 
   Chapter 7: The Ethics of Climate Change  | 
  
   282  | 
 
| 
   Climate Change: An Ethical Issue  | 
  
   282  | 
 
| 
   The Poorest of the Poor  | 
  
   283  | 
 
| 
   Predicting & Coping  | 
  
   285  | 
 
| 
   New Technology & the Hope that it Will Heal  | 
  
   285  | 
 
| 
   Power  | 
  
   287  | 
 
| 
   Transport Technology  | 
  
   287  | 
 
| 
   Funding from an Ethical Obligation  | 
  
   287  | 
 
| 
   What’s in a Name?  | 
  
   289  | 
 
| 
   Three primary issues that relate to climate change  | 
  
   289  | 
 
| 
   IPPC report identified the ethical considerations  | 
  
   295  | 
 
| 
   Climate Change: A Moral Issue  | 
  
   301  | 
 
| 
   Aerosol Pollution  | 
  
   303  | 
 
| 
   In insurance Uncertainty is a technical term.  | 
  
   307  | 
 
| 
   Adaption where possible  | 
  
   309  | 
 
| 
   Change Starts at the Top  | 
  
   312  | 
 
| 
   Giving the Subject Legitimacy  | 
  
   312  | 
 
| 
   Making Global Warming Personally Relevant  | 
  
   313  | 
 
| 
   Making Ethical Choices for our World  | 
  
   313  | 
 
| 
   Regulatory & Political Risks  | 
  
   314  | 
 
| 
   From a Practical Standpoint  | 
  
   319  | 
 
| 
   Choosing Ethical Conduct  | 
  
   320  | 
 
| 
   Ethics Beyond Philosophers  | 
  
   321  | 
 
| 
   Being Ethically Responsible is Hard Work  | 
  
   322  | 
 
| 
   Responsibility to Others  | 
  
   323  | 
 
| 
   A Legal Liability  | 
  
   325  | 
 
| 
   Free Choice  | 
  
   327  | 
 
| 
   Egoism  | 
  
   329  | 
 
| 
   Objectivist Theory  | 
  
   330  | 
 
| 
   Example # 1 & #2  | 
  
   330  | 
 
| 
   Ethical Conduct Varies  | 
  
   331  | 
 
| 
   Moral Persuasion  | 
  
   332  | 
 
| 
   Rationalizing Morals  | 
  
   333  | 
 
United Insurance Educators, Inc.
PO Box 1030
Eatonville, WA 98328
(253) 846-1155