Friday, July 03, 2015

lloyds of london issues warning on food scarcity

twiland !  I have been waiting for the insurance industry to take climate change seriously. “Too big to Fail” was the rallying cry of the federal government when it took control of American International Group (AIG) in 2008. Taking control of AIG the federal government thwarted its likely bankruptcy.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. http://www.aig.com/about-us_3171_437773.html
The government-backed insurance companies had not, and for the most part, still do not factor climate change into their premiums. Let the little guy pay for the losses of the big guy seems to be their rallying cry. Crony Capitalism is squeezing the 99% to extinction.
Now Lloyd’s of London has issued “Food System Shock June 2015” that is available for download athttp://www.lloyds.com/~/media/files/news%20and%20insight/risk%20insight/2015/food%20system%20shock/food%20system%20shock_june%202015.pdf.
Although the graphic shown in this report is complex, it is clear that Lloyd’s is considering the impacts of climate change on food supply. Newer software models have been created to show the shocking effects of “business as usual” in turning food shocks into world crisis. The Intergovernmental Panel on Climate Change (IPCC) has been using software to indicate the long-term effects of climate change. But other groups are now developing software that will indicate the short-term effects. One software model that is being built by a government funded institution CSIRO in Australia is called “System Dynamics Model.”