Catastrophic risks are bad news for your insurance

There is no good news in the IPCC’s AR6 pt II report on impacts of ongoing global warming. If frequent, catastrophic risks will be uninsurable.

The problem with most extreme weather events like wildfire, floods, droughts, cyclones, etc., is that their catastrophic effects normally cover large areas.

Insurance companies are only profitable if premium payments produce more income than is paid out on claims for losses over the number of customers. If only a small proportion of insured people make claims, the company can still profitably sell the policies for a small fraction of the average payout, such that people can expect full payouts on the claims made, even though the premium paid is only a fraction of the payout.

Even in the case of widespread catastrophes, if such catastrophes are rare enough over the world, a retail insurance company can insure themselves against a huge payoff by buying re-insurance from a specialist company betting that the total number of catastrophic risk events will be small relative to the policies they sell. Both the retail insurer and the reinsurer can still make a profit to stay in business.

However, if catastrophic loss events become too common, to stay profitable insurers have to charge premium fees that become such a large fraction of the cost of the possible loss that customers simply can no longer afford to pay the premium cost, as many people and businesses located in areas such as flood planes, bush lots in fire prone regions, and low-lying coastal area susceptible to cyclones and rising sea-levels deemed to be at high risk of catastrophic losses.

Thanks to rising rates and ferocities of wildfires and intense flooding many people are discovering that their catastrophic risks of total loss in such events are no longer insurable at an affordable cost — even assuming they can find someone willing to sell them such a policy.

As explored in the attached news items, the just released IPCC report tells the insurance industry that the frequency of catastrophic risk events is likely to continue rising, at an accelerating rate as the world continues to warm. This will undoubtedly mean that many more people and businesses will no longer be able to find insurance against total loss in the event of a climate catastrophe.

The likelihood of East Coast flooding and its costs

Jason O’Brien/AAP in The Conversation

by Antonia Settle, 03/03/2022 in The Conversation

After the floods comes underinsurance: we need a better plan: The floods affecting Australia’s eastern seaboard are a “1 in 1,000-year event”, according to New South Wales Premier Dominic Perrottet. But that’s not what science, or the insurance industry, suggests…

Mapbox/The Conversation, CC BY-ND

by K.I. Booth, 27/02/2022 in The Conversation

Is your neighbourhood underinsured? Search our map to find out:

Underinsurance is more common than many realise. And if you live in an area where most people don’t have enough home and/or contents insurance, the financial and social catastrophe that follows a disaster can be community-wide. Even if you’re well covered, your neighbourhood may struggle long after the dust has settled, as houses lie derelict, people struggle to bounce back and social cohesion frays….

AAP /Jason O’Brien in The Conversation

by A. King, et al., 02/03/2022 in The Conversation

‘One of the most extreme disasters in colonial Australian history’: climate scientists on the floods and our future risk: …So how does this compare to Australia’s previous floods, such as in 2011? And can we expect more frequent floods at this scale under climate change?…

Gympie flooding 26/02/2022 AAP Image/Supplied by Brett’s Drone Photography

by K Reid & A King, 27/02/2022 in The Conversation

Like rivers in the sky: the weather system bringing floods to Queensland will become more likely under climate change: …We research a weather system called “atmospheric rivers”, which is causing this inundation. Indeed, atmospheric rivers triggered many of the world’s floods in 2021, including the devastating floods across eastern Australia in March which killed two people and saw 24,000 evacuate….

AAP image via DFS/Nikki Woods

by K.I. Booth et al, 04/03/2022 in The Conversation

Underinsurance is entrenching poverty as the vulnerable are hit hardest by disasters: More than 70 homes were destroyed by bushfires in Western Australia this week, leaving those affected facing enormous costs. After disasters like these, insurance is not always there as needed — or as expected….

‘It’s a day-by-day proposition’: Frank Cooper lost all his possessions in the Lismore floods. Photograph: Christine Tondorf

by C. Tondorf, 06/03/2022 in The Guardian

‘Worse than 2017’: Lismore faces mammoth rebuild after flood as community inundated by loss: …“How can anything upset me after this?” laughs Ken Matheson, a Lismore resident aged 65 years who lost all his possessions on Sunday night.

…Even though his house has never before had water through it, he couldn’t get flood insurance, explaining “no one will do it, no one would give it to me”.

“Hardened by a history of floods, residents are ‘getting on’ with the clean-up while waiting for politicians to address climate change” Guardian

In Australia, the political context and implications are also crystal clear. For years our LNP COALition Government has been owned and controlled by mindlessly greedy fossil fuel special interests. Both work to deny the science that shows us the world is warming at an accelerating rate from the continued burning of fossil carbon and to fill the thought space with endlessly distracting humbug and blather. The COALition’s priorities are clear in their lack of interest in using any of their Emergency Response Funds for mitigation or recovery. Burning coal clearly comes first!

As I have noted many times previously in my Climate Sentinel posts, even a child can still draw reasonable conclusions from the kinds of facts that the IPCC has exhaustively documented. Too bad for us all that the COALition are blinded to the reality of what they are doing.

greta-act-as-if-the-house-was-on-fire
Listen to Greta’s speech live at the World Economic forum in Davos 2019. Except for her reliance on the IPCC’s overoptimistic idea that there is a ‘safe’ emissions budget, everything else Greta says is spot on: even she, as a child, can understand the alternatives and what has to happen.

In other words, wake up! smell the smoke! see the grimly frightful reality, and fight the fire that is burning up our only planet so we can give our offspring a hopeful future. This is the only issue that matters. Even the IPCC’s hyperconservative Report that looks at climate change’s global and regional impacts on ecosystems, biodiversity, and human communities makes it clear we are headed for climate catastrophe if we don’t stop the warming process.

We’ll be having a Federal Election in a couple of months. Now is our chance to rid ourselves of the dead hands of this puppet government and replace the puppets with sensible people who have committed themselves to prioritizing action on the climate emergency on the top of their agendas if elected to Parliament. Our Traffic Light Voting System can help you use our preferential voting system to its best advantage towards meeting this goal.

Help us work towards insuring our kids have a future life.
Views expressed in this post are those of its author(s), not necessarily all Vote Climate One members.

ABC’s detailed report on Lismore’s NB4 flooding

NB4 record overtops previous floods by 2 meters and it is still raining! LNP didn’t cause the flood, but have denied the climate emergency

by Jean Kennedy and Bronwyn Herbert, in ABC News
Lismore flood emergency sees people stranded on roofs, evacuation warning issued for entire NSW Northern Rivers

  • The flood levee has been breached at Lismore with the peak still to come
  • Evacuation orders are in place for several areas across north east NSW
  • There are fears a man was washed down a drain in Lismore last night
Views expressed in this post are those of its author(s), not necessarily all Vote Climate One members.

We’ve seen nothing yet: NB4 flooding in Qld & NSW

Plus long-hot summer in WA. Continued global warming will make weather ever more extreme and lethal. LNP still shoveling coal on the fire.

As I write this, there are already 7 weather-related deaths in Queensland with flood levels still rising and at least one in northern NSW where the deluge is expected to continue at least until tonight. Flooding in Gympie and Lismore has reached NB4 levels, exceeded all-time records with flood defences in Lismore over-topped. As shown in the image above, the Bureau of Meteorology weather stations upstream from Lismore show 24 hour rainfall readings to 9:00 am this morning from 1/3 of a meter to more than 3/4 — with most around 1/2 of a meter! — i.e., an unimaginable layer water 50 cm deep on every point of the landscape that is now running down hill into the stream catchments.

Heavy flooding has already inundated the Lismore CBD, which is now off limits to all pedestrian and vehicular traffic, police said. (9News)

by Ciccharelli et al, 7:35am Feb 28, 2022 in 9 News

Lismore flooding exceeds 48-year record as search for missing man resumes

Emergency services are continuing to search for a missing man in Lismore floodwaters amid what is potentially the city’s worst ever flood disaster.Efforts have been underway to evacuate the entire town as flood waters rise, but hundreds of people are trapped in their homes.The city’s main road, Bruxner Highway, is underwater, with cars completely submerged.LIVE COVERAGE:Flood emergency gripping Queensland and northern NSW

Read the complete article….
Severe floodwaters are continuing to hit the Queensland town of Gympie, with evacuation centres already reaching capacity. (9News)

Chanel Zagon, 8:15pm Feb 27, 2022, in 9 News

Gympie smashed by largest flood in more than a century

The Queensland city of Gympie has been hit by the largest flood in more than 100 years, with more than 1000 properties submerged in floodwaters.The Mary River peaked at 22.8 metres on Sunday morning, the highest level since 1893.

Hundreds have been forced to abandon their homes and seek refuge in an evacuation centre after the region was deemed a disaster declaration area from the life-threatening floods.

Read the complete article….

Climate scientists have warned us for years that this was coming. If we had begun reducing our emissions of greenhouse gases and developing other mitigation strategies then, by now we might have already stopped and begun to reverse the warming process.

The fact is our governments, and especially the present LNP COALition Government in Canberra, instead of working to mitigate the climate emergency, have continuously promoted and protected the fossil fuel industry to help them to continue digging up and burning carbon at an ever increasing rate. This claim is not some wild claim off the top of my head, but demonstrated almost daily by COALition members in their own words standing before Parliament and the press. It is worth noting that this effort is often led by rural MPs from Queensland and NSW – the states that have at least suffered most from the increasingly extreme ‘weather’ events: bushfires, floods, droughts, and winds.

The puppets show and tell
Captain Humbug showing the parliamentary puppet troop what it is all about. ““Don’t be afraid, don’t be scared, it won’t hurt you. It’s coal.” With these words Australia’s Treasurer Scott Morrison taunted the Opposition, attempting to ridicule its commitment to renewable energy.” – The Conversation (15-02-2017)
Fossil fuel donations keep puppets in government.
See also Katherine Murphy in The Guardian on 09/02/2017 for the live video — “Scott Morrison brings coal to question time: what fresh idiocy is this? What a bunch of clowns, hamming it up – while out in the real world an ominous and oppressive heat just won’t let up.”

So far, the constant denial, misrepresentation, blocking, distraction and continuous humbuggery and bulldust has successfully prevented any effective government action to shut down carbon emissions and has disrupted most state and private efforts to do this. We cannot yet jail these fools, knaves and puppets for the crime of ecocide, but we can at least remove the blockers from Parliament and replace them with trustworthy candidates who have committed themselves to put action against the climate emergency as their first order of business.

To do this we have to accept the facts that are enough to make any sane person panic. However, in the incredibly wise words of a 16 year old autistic child, Greta Thunberg, we need to recognize that the panic can be answered with prompt action.

greta-act-as-if-the-house-was-on-fire
Listen to Greta’s speech live at the World Economic forum in Davos 2019. Except for her reliance on the IPCC’s overoptimistic emissions budget, everything she says is spot on that even she, as a child, can understand the alternatives and what has to happen.

In other words, wake up, smell the smoke, see the reality, and fight the fire that is burning up our only planet so we can give our offspring a hopeful future. This is the only issue that matters. All Capt. Humbug and his troop of wooden-headed puppets are doing is rearranging the furniture in the burning house to be incinerated along with anything and everyone we may care about. In Greta’s words, “even a small child can understand [this]”. People hope for their children’s futures. She doesn’t want your hope. She wants you to panic enough to wake up and fight the fire…. so our offspring can have some hope for their future. Vote Climate One’s Traffic Light Voting System will help you use your preferential votes wisely on behalf of our offsprings’ future.

Help give them the bright future they hope for!

Views expressed in this post are those of its author(s), not necessarily all Vote Climate One members.

Too late already? The frozen Arctic is burning now!

The sensational title describes reality. World’s largest carbon store, peat covering permafrost, is now burning year-round through midwinter

The featured graphic above shows a false-color picture of an active fire burning on a forested area of permafrost in the drainage of the Lena River not far from Yakutsk, capital of the Sakha Republic in Siberia. The video below, from the Siberian Times, documents that the Arctic is burning, even through the entire winter under snow cover in the peat layer covering permafrost. This is only one of many reports (e.g., see Burning the High Arctic: 2020 Spring and Summer Fire Season in Sakha Republic. A Precursor of Fire Seasons to Come?) in this source of the escalating frequency, area, and ferocity of the wildfires burning forests, tundra, and peaty organic soils covering permafrost in the Arctic (Alaska, Canada, and Eurasia (mostly Russia/Siberia). This is also a phenomenon I personally studied extensively last year using freely available access to NASA and European Space Agency satellite monitoring: “Portents for the Future – 2020 Wildfires on the Siberian Permafrost“.

At least where the burning Arctic in Siberia is concerned, peaty soils covering permafrost are susceptible to prolonged burning from the the margins of the Arctic Ocean to the southern boundaries of the permanently frozen soils as just reported in the journal article here that matches ground truth reporting with the satellite monitoring results.

Figure 1. The study areas.

by Kuklina et al, 23/02/2022 in Land

Fires on Ice: Emerging Permafrost Peatlands Fire Regimes in Russia’s Subarctic Taiga

Abstract

Wildfires in permafrost areas, including smoldering fires (e.g., “zombie fires”), have increasingly become a concern in the Arctic and subarctic. Their detection is difficult and requires ground truthing. Local and Indigenous knowledge are becoming useful sources of information that could guide future research and wildfire management. This paper focuses on permafrost peatland fires in the Siberian subarctic taiga linked to local communities and their infrastructure. It presents the results of field studies in Evenki and old-settler communities of Tokma and Khanda in the Irkutsk region of Russia in conjunction with concurrent remote sensing data analysis. The study areas located in the discontinuous permafrost zone allow examination of the dynamics of wildfires in permafrost peatlands and adjacent forested areas. Interviews revealed an unusual prevalence and witness-observed characteristics of smoldering peatland fires over permafrost, such as longer than expected fire risk periods, impacts on community infrastructure, changes in migration of wild animals, and an increasing number of smoldering wildfires including overwintering “zombie fires” in the last five years. The analysis of concurrent satellite remote sensing data confirmed observations from communities, but demonstrated a limited capacity of satellite imagery to accurately capture changing wildfire activity in permafrost peatlands, which may have significant implications for global climate.

Keywords: smoldering fires; zombie fires; boreal forest; permafrost; Evenki; subarctic

Read the complete article….

What do I mean by “Too late already”? for a burning Arctic

It is still early days for an exact quantification of the amount of organic carbon sequestered in the Arctic and subarctic region (e.g., as organic matter in the form of living things, peaty soils, and frozen CO₂ and methane hydrates on, in and under the permafrost). However, our best estimate is that the permafrost region currently holds probably at least two times the total mass of carbon in Earth’s atmosphere. This is not the fossil carbon being released by human industries. According to the US NOAA Arctic Report Card article for 2019 on Permafrost and the Global Carbon Cycle by T. Schuur:

  • Northern permafrost region soils contain 1,460-1,600 billion metric tons of organic carbon, about twice as much as currently contained in the atmosphere.
  • This pool of organic carbon is climate-sensitive. Warming conditions promote microbial conversion of permafrost carbon into the greenhouse gases carbon dioxide and methane that are released to the atmosphere in an accelerating feedback to climate warming.
  • New regional and winter season measurements of ecosystem carbon dioxide flux independently indicate that permafrost region ecosystems are releasing net carbon (potentially 0.3 to 0.6 Pg C per year) to the atmosphere. These observations signify that the feedback to accelerating climate change may already be underway. [my emphasis].

Note that (1) positive feedbacks can grow exponentially (i.e., into ‘explosions’), and (2) a significant proportion of the permafrost carbon is sequestered in the form of frozen methane hydrates. Methane in the hydrate form is inert, but under heating it ‘melts’ and decomposes into water and methane gas – where for the first 20 years of its life in the atmosphere is around 85 TIMES more potent per molecule than CO₂. Even after 100 years is more than 20x potent (IPCC AR5 via Wikipedia). Thus, if global warming triggers an abrupt thawing of Arctic permafrost the rapidly increasing greenhouse could drive global temperatures substantially higher than if CO₂ was the only concern.

To me, the bulk of the evidence in my 2021 Portents for the Future graphical essay as placed in context in my subsequent January 2022 essay “Some fundamental issues relating to the science underlying climate policy: The IPCC and COP26 couldn’t help but get it wrong” suggest that our planet has already passed tipping points where the “natural” positive feedbacks will continue warming the Earth even if we instantly stopped human generated carbon emissions. Note stopping our emissions should at least slow the rate of warming to give us some more time to actually stop the warming – so this remains a vital task! In other words not only do we have to stop carbon emissions from human activities, but we have to implement global scale projects to stop and reduce global heating, e.g., by capturing and sequestering atmospheric carbon by fertilizing and farming ocean deserts. In any event, if we don’t stop the warming feedbacks while we still have the possibility, we will soon pass the point of no return where near term global mass extinction becomes virtually certain.

I am not a near-term climate ‘doomer‘, although I see doom as inevitable if we don’t stop warming. Based on more than a decade studies of the co-evolution of the human species and our technological capabilities, I think if it took us 150 years to burn enough fossil carbon to trigger runaway global warming, we should be smart and capable enough to put that carbon back into safe storage before it kills us. The conclusion of that study in 2016 led me to where I am now rather than trying to finish the book for an audience that probably would not be there to ever read it.

William Hall, 2016

The deep cultural change needed to reach a sustainable future can only be achieved by political action to replace our puppet governments protecting their greedy puppet masters

The puppets show and tell
Captain Humbug showing the parliamentary puppet troop what it is all about. ““Don’t be afraid, don’t be scared, it won’t hurt you. It’s coal.” With these words Australia’s Treasurer Scott Morrison taunted the Opposition, attempting to ridicule its commitment to renewable energy.” – The Conversation (15-02-2017)
Fossil fuel donations keep puppets in government.
See also Katherine Murphy in The Guardian on 09/02/2017 for the live video — “Scott Morrison brings coal to question time: what fresh idiocy is this? What a bunch of clowns, hamming it up – while out in the real world an ominous and oppressive heat just won’t let up.”

In Australia the puppets, fools and knaves forming our LNP COALition government continue working assiduously to protect the fossil fuel and related industries’ abilities to burn fossil carbon and emit methane for unimaginable profits by doing everything they can to deny, delay, block, confuse, distract any effective action to stop these greenhouse gas emissions. Therefore, to begin effective solutions for the climate emergency we must clearly recognize and act on the need to replace this government with capable and trustworthy representatives who if elected will put action on the climate emergency at the top of their Parliamentary agendas.

To do this we have to accept the facts that are enough to make any sane person panic. However, in the incredibly wise words of a 16 year old autistic child, Greta Thunberg, we need to recognize that the panic can be answered with prompt action.

greta-act-as-if-the-house-was-on-fire
Listen to Greta’s speech live at the World Economic forum in Davos 2019. Except for her reliance on the IPCC’s overoptimistic emissions budget, everything she says is spot on that even she, as a child, can understand the alternatives and what has to happen.

In other words, wake up, smell the smoke, see the reality, and fight the fire that is burning up our only planet so we can give our offspring a hopeful future. This is the only issue that matters. All Capt. Humbug and his troop of wooden-headed puppets are doing is rearranging the furniture in the burning house to be incinerated along with anything and everyone we may care about. In Greta’s words, “even a small child can understand [this]”. People hope for their children’s futures. She doesn’t want your hope. She wants you to panic enough to wake up and fight the fire…. so our offspring can have some hope for their future. Vote Climate One’s Traffic Light Voting System will help you use your preferential votes wisely on behalf of our offsprings’ futures.

Help give them the bright future they hope for!
Views expressed in this post are those of its author(s), not necessarily all Vote Climate One members.

State of the Arctic in 2020: bad news for our future

Amer. Meteorological Society’s 2020 State of the Climate reports accelerating Arctic warming (Arctic amplification) that drives world climate

Zach Labe samples that data to show midwinter temperature over the Barents and Kara Seas has risen by more than 2 °C per decade!

Note: over the next few days I will be posting a comprehensive post on the full State of the Arctic article and the warnings we should be taking from it.

Views expressed in this post are those of its author(s), not necessarily all Vote Climate One members.

Vexed issue of harvesting flood-plane water not solved

NSW Senate blocks plan to allow agribusiness to harvest more than 5x flood plane water even than allowed for in Murray-Darling basin plan

by Anne Davies, 24/02/2022 in The Guardian
NSW parliament rejects flood plain harvesting laws for third time over sustainability concerns: Labor, the Greens and crossbenchers unite to disallow water capturing licences despite minister already moving to issue them

Views expressed in this post are those of its author(s), not necessarily all Vote Climate One members.

Great idea! photovoltaic covers for irrigation canals

Good for agriculture: Save scarce water from evaporation to pay for installing solar panel covers, supply energy, and generate profits

by Dan Gearino, 24/02/2022 in Inside Clean Energy
In Parched California, a Project Aims to Save Water and Produce Renewable Energy: Plan calls for building solar canopies over canals, and may be the first project of its kind in the United States [but not elsewhere]

Featured image: A conceptual rendering of solar canopies covering part of Turlock Irrigation District’s 110-foot-wide main canal, near Turlock, California. Credit: Turlock Irrigation District. From the article

Views expressed in this post are those of its author(s), not necessarily all Vote Climate One members.

Global warming intensifies droughts and floods

Global warming is shifting ocean evaporation towards poles, robbing rain from already drought stricken areas to dump it on already wet areas

by Taimoor Sohail & Jan Zika, 24/02/2022 in The Conversation
Climate change is warping our fresh water cycle – and much faster than we thought: Fresh water cycles from ocean to air to clouds to rivers and back to the oceans. This constant shuttling can give us the illusion of certainty. Fresh water will always come from the tap. Won’t it? — Unfortunately, that’s not guaranteed. Climate change is shifting where the water cycle deposits water on land, with drier areas becoming drier still, and wet areas becoming even wetter.

Views expressed in this post are those of its author(s), not necessarily all Vote Climate One members.

Look out! More and worse wildfires are coming for us

UN’s “Spreading like Wildfire: The Rising Threat of Extraordinary Landscape Fires” warns positive feedbacks will accelerate warming and impacts

by Bob Berwyn, 23/02/2022 in Inside Climate News
Global Wildfire Activity to Surge in Coming Years: A new U.N. report says communities need to prepare for the growing threat by refocusing on prevention, rather than just reacting to fires as they happen.

Views expressed in this post are those of its author(s), not necessarily all Vote Climate One members.