

Insurance, the canary for climate change
12 snips Jun 4, 2025
The podcast dives into the insurance industry's struggle with rising premiums and the exclusion of lower-income households. It suggests that insurers might drive climate change action more effectively than politicians, acting as a warning system. Personal anecdotes reveal frustrations with navigating insurance complexities. The discussion also highlights the need for government-run insurance models amidst increasing uninsurable areas and the urgent adaptation required from the industry as catastrophic events surge, marking critical intersections of finance and the environment.
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Phil's Car Insurance Battle
- Phil Dobby recounts trying to lower his car insurance premium due to reduced mileage.
- He ended up paying more due to a high administration fee, exposing issues in insurance pricing algorithms.
Insurance Handles Episodic, Not Systematic Risks
- Insurance companies distribute episodic risks like car accidents and floods through premiums.
- The system breaks down with systematic risks where events become too frequent or widespread.
Insurance Legal Battles Increase Costs
- Steve Keen shares a car accident legally contested between insurance companies.
- This illustrates how multiple insurers hire lawyers to avoid payments, raising costs.