The Wall Street Journal misses the point about insurance profits

Here’s a headline containing what can be described as an elephant in a small room. 

Insurers Rake In Profits as Customers Pay Soaring Premiums

The article says that the profits soared because of rate increases and because inflation was going down.

But what was missing? What was the elephant?

For years we have been told of the massive dangers to insurance companies and everyone about the huge losses that are coming because of climate change caused by our use of oil and other things — floods, fires, hurricanes, tornados, and more. 

We have constantly heard that companies had to disclose this risk. We were told that banks have to  recognize this risk when they make loans. 

So what is missing from this article?

The fact that claims from climate change disasters — floods, fires, hurricanes and the like —  dropped like a rock in 2023. 

Losses from these catastrophic events in 2023 dropped massively to extremely low levels in 2023. And they didn’t drop because of government policies to force Americans to get rid of their gas vehicles or appliances or because we had fewer people breathing or we ate less meat. They dropped because the climate has always changed cyclically and naturally just like it has throughout history. 

In 2022, costs of all natural disasters was $165.1 billion or about 2/3rds of one percent of our $27 trillion economy.

Damages from the 2022 disasters totaled $165.1 billion. (All cost estimates are adjusted based on the Consumer Price Index, 2022). The costliest 2022 events were Hurricane Ian ($112.9 billion)

But the greenie agenda keeps marching on, targeting the fossil fuel industry, despite these facts on the ground.

Why would anyone intentionally destroy an industry that directly and indirectly employs tens of millions and that greatly improves our quality and length of life? 

So after 160 years of us supposedly causing impending doom, damages were less than 1% of the economy.

Should we be forced to give up our gas vehicles and gas appliances when the dire predictions have not come to pass?

And in 2023, total damages from all the climate disasters were only $92.9 billion. or 3/10ths of a percent of the economy. 

Damages from the 2023 disasters totaled $92.9 billion

Insured damages massively dropped so that was the big reason for the profit increase. The climate fear mongers had warned the insurers to price for massive disasters and they didn’t come. 

As for lower inflation causing an increase in profits, that is a bald-faced lie. The Fed has raised rates to kill inflation off all right, but that takes time to work its way through the economy.

Car repairs, for one, went up 20% in 2023 over the previous year.

Motor vehicle repair prices have increased about 20% in the past year, according to the June 2023 consumer price index.

So why didn’t the Wall Street Journal tell the truth that the huge profit increase for insurers was because of a huge drop in climate disaster claims?

The only thing I can think of is that the truth doesn’t matter and they are also willing to perpetuate the fraud that most of the media regurgitates. 

The green pushers pretend they can control temperatures, sea levels and storm activity and essentially get rid of big storms. Somehow they are so smart and powerful they can get rid of floods, fires, hurricanes, tornadoes, blizzards, cold waves and heat waves. Anyone who believes politicians, scientists  and bureaucrats  can control the climate, with all its natural variables, should see if their common sense has been removed.

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