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Insurance companies are feeling the heat of climate crisis
Insurance companies are feeling the heat of climate crisis | GZERO Media

Insurance companies are feeling the heat of climate crisis

To understand how bad the problem of climate change has become, it helps to follow the money.

On GZERO World, Ian Bremmer breaks down the impact of climate change on property insurance premiums, which effectively quantifies the growing risk of catastrophic weather events. Last year alone, extreme weather damage cost the world a staggering $165 billion. Formerly once-in-a-generation weather events like the California wildfires of 2017 or Hurricane Harvey in 2018 are becoming more and more common, leading to devastating financial consequences for homeowners and hikes in insurance premiums.

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Members of the rescue team from the Egyptian army inspect the damaged areas, following a powerful storm and heavy rainfall hitting the country, in Derna, Libya September 13, 2023.

Esam Omran Al-Fetori/Reuters

Libya’s death toll keeps rising

The death toll continues to rise in Libya, where at least 6,000 are now dead after two dams in the eastern part of the country burst due to torrential flooding. Most of the carnage is in the Mediterranean city of Derna.

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After a summer from hell, will voters embrace climate action?

Pierre Poilievre, leader of Canada’s Conservative Party, is having a pretty good summer. He’s holding well-attended “Axe the tax” rallies across the country, promising to get rid of Prime Minister Justin Trudeau and his unpopular carbon tax, which is hitting drivers at the pumps.

This week, though, Poilievre had to postpone rallies in British Columbia and the Yukon because of wildfires that have forced tens of thousands to flee their homes and burned 15 million hectares of bush, leaving an area the size of Illinois in ashes. Since the carbon tax was designed to reduce the emissions that contributed to these catastrophic fires, it was bitterly ironic that Poilievre’s campaign against the tax was interrupted by the fires, but he is not changing course.

In both Canada and the United States, this has been a hellish summer, with so much climate-related extreme weather that it is hard to keep track. The summer started with wildfires and floods in typically temperate Nova Scotia. Heat records have fallen in Arizona. Ocean water the temperature of a hot tub has killed coral in the turquoise waters of the Florida Keys. A deadly fire laid waste to tropical Maui. A hurricane hit L.A.

Have voters been listening?

For decades, climate scientists have been warning these disasters would come if we don’t reduce the emissions that are warming the planet. Now that the disasters have started, will people recognize the urgency of the problem?

“That is the multi-trillion dollar question,” says Shari Friedman, Eurasia Group’s managing director for climate and sustainability, who has been working on climate since the 1990s.

“When I started on climate change, the assumption was that people weren't believing this, but that when people saw the effects, they would start to see it .. Now, I think the question is a little bit different because we're seeing the effects – it's pretty clear. And the question now is, what is going to change these trajectories?”

Climate scientists have done heroic work on a massive scale to understand and describe the processes that are causing extreme weather. But this has failed to convince voters to do what is necessary to bring down the emissions that are causing ecosystems to dissipate heat in ways that threaten human existence.

People are not wising up. The Pew Research Center, which tracks attitudes toward climate around the world, has observed a decline in the number of Americans who consider it a major threat, from 59% in 2018 to 54% in 2022.

The role of disinformation

Canadian pollster Frank Graves, of EKOS Research Associates, observed the same decline in Canada over the last three years, which he attributes to online disinformation. To many people, he says, climate change “is fake news. This is made up. This is a plot by the woke left to collect their useless carbon tax.”

In his most recent poll of Canadians, this month, while wildfires were top of mind, Graves observed that a growing number of people — mostly conservatives — blame arson, not extreme weather, for the blazes. (This is a pattern of misinformation found wherever there are wildfires.) Voters who believe fires are caused by arson, not a warming globe, will not support policies to reduce emissions.

“The patterns of who gets this disinformation are very, very similar in Canada and the United States,” Graves says, “because they are emanating from the same sources. And those sources are now telling people climate change is a hoax, and these forest fires are either just bad luck or, more pointedly, they are being produced by arsonists, saboteurs, activists.”

The issue, in both countries, is divided along partisan lines, with conservatives less willing than liberals to accept the views of climate scientists.

Riley Dunlap, emeritus professor at Oklahoma State University, has been studying American attitudes about environmentalism since the first Earth Day in 1970. He watched as the issue, which used to be of concern across partisan lines, became polarized in the 2000s. Now, he notes, opposing climate policy is an identity issue for Republicans – it’s up there with “God, guns, gays, and abortion.”

He has watched with dismay as opinions got harder, with Trump followers going against anything liberals support. Some 40% of Americans do not believe humans are causing climate change.

Researchers at American universities have found that attitudes about personal experiences of extreme events appear “socially constructed and interpreted through ideological lenses, rather than driven by individuals’ objective experiences of changes in weather and climate.”

Researchers found that hot, dry days — as opposed to sudden, extreme weather events — seem to convince some people that climate change is real.

“So far, actual experience doesn't seem to have had a significant effect,” Dunlap said. “But I'm open to the possibility that personal experiences and media coverage could be really shaking people up.”

If you thought this summer was bad …

Gerald Butts, vice chairman of Eurasia Group, who helped Trudeau implement Canada’s carbon tax, points out that researchers will have more opportunities to carefully study the effect of extreme weather on public opinion.

“This is the hottest summer of your life, but it's going to be one of the coolest of the rest of your life. Sure it's weird that the remnants of a hurricane are flooding the California desert while the northern part of the continent is burning. But we're going to see versions of that in every northern hemisphere summer for the rest of our lives.

“I think the deeper question is — because human beings are nothing if not adaptable — and part of that adaptation mechanism is, how do we tune out the things we don't want to see or hear? I mean, as these things get weirder and weirder, what is the new normal for what people can absorb, or will absorb, and react to?”

Participants wave rainbow flags during the Korea Queer Culture Festival 2022 in central Seoul, South Korea, July 16, 2022.

REUTERS/ Heo Ran

Hard Numbers: Small step for gay rights in South Korea, floods in Brazil, Botswana’s endangered rhinos, India’s heat warning, Roald Dahl rewrites

1: For the first time, a South Korean court recognized the rights of a gay couple after the Health Insurance Service denied the two men spousal coverage. A lower court originally ruled against the couple, but an appellate judge determined that denying the couple coverage was discriminatory despite the fact that South Korea does not recognize same-sex marriage. The case could now be heard by the Supreme Court.

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"We are destroying our planet and we are not paying attention," says UN chief António Guterres
António Guterres: “We Are Destroying Our Planet and We Are Not Paying Attention” | GZERO World

"We are destroying our planet and we are not paying attention," says UN chief António Guterres

A year ago, UN Secretary-General António Guterres told Ian Bremmer on GZERO World that the world was on the edge of an abyss in dealing with climate change.

Since then, we haven't fallen off, but unfortunately he says climate has become a "second-rate issue."

That doesn't mean, of course, that the problem has gone away. Russia may be at war with Ukraine, but we're at war with the planet, and the planet is striking back — as we've seen with the recent floods in Pakistan.

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More than 40,000 people in Malaysian relief centres as floods ravage east coast states

January 07, 2021 11:49 PM

KUALA LUMPUR - More than 40,000 people took shelter at dozens of relief centres in Malaysia's east coast states on Thursday (Jan 6) as heavy flooding continued to inundate villages and block roads.

Floods worsen in Malaysia's east coast

January 07, 2021 5:00 AM

Flooding in three Malaysian east coast states has worsened, with more than 21,000 people sheltering in flood relief centres and parts of the East Coast Expressway (ECE) closed to traffic, the authorities said yesterday.

Found: Body of man swept away in car after saving wife from flood

January 05, 2021 5:00 AM

KLUANG • As strong floodwater currents took hold of their Proton Waja, a worried husband broke the car window to let his wife out - where she was later rescued by passers-by.

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