Seeking Insurance for the Encroaching Apocalypse

The basic calculus is as it always has been - more greenhouse gas emissions will result in both more severe and frequent disasters while slowly but surely re-organising the fundamental biology, chemistry and physics of every planetary health systems. With that, changes occur. Usually they're inconspicuous and occurring in ways that are difficult for the average person to see, feel or experience on a time scale that is noticeable. At others time, an event occurs that seems to blow through the unconscious inattentiveness of what climate change means. Sadly though, as society habituates to an ever-more unstable and record-setting after unprecedented disaster events, what breaks through that unconscious inattentiveness feels like the apocalypse has taken another step towards the present.

One sector that isn’t naive or unconscious to a changing climate is insurance - either here in Australia or overseas. Stories of insurance premium shock in the form of a renewal letter appear regularly. Stories of entire market exit and retreat exist. Global insurance losses are easy to quantify. Without insurance though, what is our economy and society though?

For hundreds of years humans have sought out and held insurance in forms from the rudimentary through to the complex. Insurance is peace of mind. Creating a buffer in case something unexpected, unprecedented or tragic occurs. In a climate changed world, those if’s have become when’s.

Much is made of the implications of a changing climate on food production, forced migration, energy costs and in politics. A changed and further changing climate is affecting just about everything in obvious or less-obvious ways. Insurance is being affected in obvious ways. Global re-insurers are feeling the heat of a shareholder class expecting ceaseless financial results despite a trend of growing and record losses. General insurers are working out how to shrink their way to greatness through embargoes and risk-adjusted pricing. Homeowners are gambling if this is the year they can skip that seemingly excessive insurance premium price rise. Banks are racing to understand their exposures. Governments don’t have the balance sheets to absorb the uninsured losses and damages a community and region faces. Politicians seem to understand you won’t win pre-selection with the unpalatable news that their electorate is suddenly exposed to both the physical realities of a changed climate but also to the invisible decisions of financial service actors who are retreating or restricting their individual exposures.

So where does one go for the armageddon package for apocalyptic disasters? And what do you do when it’s either simply not available or entirely out of reach financially?

In this session, we will dive into the goings on of insurance globally and here in Australia with Julia Davis from the Financial Rights Legal Centre as we explore the realities of a changed and changing climate to real people in real places experiencing real losses and real damages. What do you do when you are insurance premium shocked? How do people trade off the peace of mind insurance offers against myriad other costs? Where is all of this heading? And what happens to people, places and economies when insurance isn’t there?

As always, our supper clubs are catered by Gus_tronomy’s vegetarian fare, Grifter Brewing Co are on drinks and we’re in for a night of nourishment, belonging and wisdom.