Huh.
....As noted in the intro to October 11's Cat Bonds/Reinsurance: "City of Zurich pension to double insurance-linked securities allocation":
The next time Munich Re starts moaning about climate change and how we're all going to die, or at minimum go broke, just remember reinsurance/cat bonds are a for-profit business and that some folks a couple hundred miles southwest of München, who might have access to some very sharp minds in the reinsurance/cat bond business, seem to think this is a profitable place to put some longer term money.Ditto for Covéa, they seem to think they can make a go of it, come hell or high water.
(a little reinsurance/cat bond wordplay)
From Artemis, November 3:
Risk transfer and insurance focused public-private partnerships as well as the use of parametric triggers can assist in building global resilience to climate risk, reinsurance giant Munich Re said at the COP26 UN climate conference in Glasgow today.
But funding promised by governments needs to flow faster and Munich Re is the first in the industry to highlight the failure of world leaders of the major industrialised nations to deliver on the promised $100 billion of climate funding, they promised as part of the COP process.
The original plan, agreed on twelve years ago at a COP climate conference in Copenhagen, had been to deliver on $100 billion of climate finance per year for less wealthy nations by 2020.
That target has not yet been hit and the UK’s Prime Minister said yesterday it still may not be reached until 2023.
It’s one of the failings of the COP process that has been broadly highlighted by the media and activists around this year’s COP26 and Munich Re rightly highlights this, as part of this climate finance funding was expected to go towards setting up much-needed risk transfer arrangements and provisions of capital to support them.
This financing could have delivered on more national and supranational risk pooling, or public-private risk transfer partnerships by now, helping to boost the resilience of the nations most vulnerable to climate change in the world.....
....MUCH MORE
If interested see the October mini-series:
"How Market Power Leads to Corporate Political Influence"
Global Warming: London's Mayor "to call for cities like London to have greater powers and funding"
Having studied the science, economics, politics, finance, psychology, law, messaging, regulation, sociology, and policy prescriptions of global warming since 1992 the overriding lesson learned is:
It's always about the money.
If you take away nothing else from this little blog, take that.
And save yourself an eighth-of-a-million pages of reading.
