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The End Of Capitalism? Probably. [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-04-06
Climate crisis on track to destroy capitalism, warns top insurer — The Guardian.
Climate crisis on track to destroy capitalism, warns top insurer Action urgently needed to save the conditions under which markets – and civilisation itself – can operate, says senior Allianz figure The climate crisis is on track to destroy capitalism, a top insurer has warned, with the vast cost of extreme weather impacts leaving the financial sector unable to operate. The world is fast approaching temperature levels where insurers will no longer be able to offer cover for many climate risks, said Günther Thallinger, on the board of Allianz SE, one of the world’s biggest insurance companies. He said that without insurance, which is already being pulled in some places, many other financial services become unviable, from mortgages to investments.
No revolution or gentle way forward; precipitous destruction, ouch. We have all discussed where the money comes from to pay for the damage. The developing nations have been screaming about this for decades. The Industrialised World says, not us.
The core business of the insurance industry is risk management and it has long taken the dangers of global heating very seriously. In recent reports, Aviva said extreme weather damages for the decade to 2023 hit $2tn, while GallagherRE said the figure was $400bn in 2024. Zurich said it was “essential” to hit net zero by 2050. Thallinger said: “The good news is we already have the technologies to switch from fossil combustion to zero-emission energy. The only thing missing is speed and scale. This is about saving the conditions under which markets, finance, and civilisation itself can continue to operate.”
Well, how they view civilisation is not my viewpoint, however. It’s what we have. Sadly, what we have is not even capitalism; it is its bastard child, oligarchy.
“We are fast approaching temperature levels – 1.5C, 2C, 3C – where insurers will no longer be able to offer coverage for many of these risks,” he said. “The math breaks down: the premiums required exceed what people or companies can pay. This is already happening. Entire regions are becoming uninsurable.” He cited companies ending home insurance in California due to wildfires.
I know many do not want to believe in the Climate Crisis.
I suppose it will take a shock in the West.
When your business, house, and belongings are scattered to the four corners, and no one is there to help pay, you find out that hundreds of thousands are in the same situation.
There is no point in wishing we had paid attention
It is too bloody late, sunshine. The deniers won't be around to aid you they will be in the same shit.
Flying off to Mars? What a sick and tragic joke as a plan B, even for one or two..
There is no Plan B
A morning muse
~A
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