27 September 2010

Munich Re Goes too Far

Munich Re, the global resinurance company, has always had a complicated relationship with the science of disasters and climate change due to the emission of greenhouse gases.  On the one hand, its technical staff have published solid work in the peer reviewed literature.  On the other hand, its marketing statements often go beyond what the science can support.

Today, Munich Re went way over the line when it issued a highly misleading press release attributing disasters in 2010 to climate change.  The press release is titled:
Two months prior to Cancun Summit/Large number of weather extremes as strong indication of climate change
The text of the press release would seem to suggest that Munich Re can't back up this claim, other than with empty speculation (emphasis added):
The rise in natural catastrophe losses is primarily due to socio-economic factors. In many countries, populations are rising, and more and more people moving into exposed areas. At the same time, greater prosperity is leading to higher property values. Nevertheless, it would seem that the only plausible explanation for the rise in weather-related catastrophes is climate change. The view that weather extremes are more frequent and intense due to global warming coincides with the current state of scientific knowledge as set out in the Fourth IPCC Assessment Report.

There are at present insufficient data on many weather risks and regions to permit statistically backed assertions regarding the link with climate change.
The press release then goes on to list a number of phenomena that it asserts are being driven by climate change:
[T]here is evidence that, as a result of warming, events associated with severe windstorms, such as thunderstorms, hail and cloudbursts, have become more frequent in parts of the USA, southwest Germany and other regions. The number of very severe tropical cyclones is also increasing. One direct result of warming is an increase in heatwaves such as that experienced in Russia this summer. There are also indications of a higher incidence of atmospheric conditions causing air mass formation on the north side of the Alps and low-lying mountain ranges, a phenomenon which can result in floods. Heavy rain and flash floods are affecting not only people living close to rivers but also those who live well away from traditionally flood-prone areas.
The actual state of the science is that no connection has been shown between greenhouse gas emissions and thunderstorms, tropical cyclones, Russian heatwaves or European floods.  Regrettably, Munich Re has made a jump from making a tenuous assertion to propagating incorrect information.

The press release concludes with this statement:
In the two months preceding the World Climate Summit, Munich Re will be drawing attention to the climate change issue with a series of communications and publications. The ERGO Insurance Group and MEAG, the asset manager of ERGO and Munich Re, are also planning to issue press releases in the next few weeks on insurance products related to natural catastrophes and renewable energy as well as business activities designed to reduce carbon emissions.
Enough said.

5 comments:

eric144 said...

The whole global corporate world supports global warming. That's why one can say it's a scam with so much confidence. It isn't a conspiracy, any more than vultures dismembering a carcase is a conspiracy. It's what vultures do.

Lord Blair of Basra is up to his neck in insurance and banking contracts to promote global warming. The Guardian was sponsored by Shell.

Like all environmentalists, new labour leader Mr Ed loves nuclear power. So did Gordon Brown (who's brother worked for EDF. Nuclear power stations are so clean and safe, it's a surprise there are none in nature.


Ed Miliband 'too busy' to marry pregnant girlfriend

27 Sep 2010

Miss Thornton is thought to be a somewhat reluctant political spouse. A former child actress who starred in the television show Dramarama, she went on to Cambridge and the Bar, becoming an environmental lawyer. The pair have been together for five years, and were sharing a home in north London when, in March 2009, The Daily Telegraph disclosed her identity for the first time – reporting that she worked in the nuclear industry at a time when Mr Miliband was responsible for energy policy.

He had provided officials at the Department for Energy and Climate Change with her name, but did not publish it on the publicly available register of ministerial interests, merely reporting that his girlfriend was an “environmental lawyer.” In fact, Miss Thornton was the “preferred counsel” for E. On, which was bidding for government contracts worth more than £20 billion to build new power stations.

http://www.telegraph.co.uk/news/newstopics/politics/ed-miliband/8026732/Ed-Miliband-too-busy-to-marry-pregnant-girlfriend.html

Obviously a very fruitful union.


E.ON and RWE to build £20bn UK nuclear reactors

E.ON and RWE, Germany's two largest utilities companies, are set to announce the creation of a joint venture to build at least four nuclear reactors in the UK at a cost of around £20 billion, The Times has learnt.

http://business.timesonline.co.uk/tol/business/industry_sectors/utilities/article5516458.ece

eric144 said...

carcass, not carcase !!

Ulick said...

Insurance companies always like an excuse to increase premia. Better still if the danger is overblown because then the extra premia become extra profit. Vultures do what vultures do.

Frontiers of Faith and Science said...

The reinsurance industry stands to make many billions off of climate hysteria.
Like what the IPCC has become, Munich Re- and probably other reinsurers- the are now cynical climate crisis marketers.

Craig 1st said...

My last comment: http://rogerpielkejr.blogspot.com/2010/07/catastrophes-wanted-climate-change-and.html?showComment=1285691903558#c2983816438377602605

should have appeared here rather than at the other blog post. I followed the "Enough said" link and forgot to come back here to post my comment.

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