http://www.bankofengland.co.uk/publicat ... 5/844.aspx (video and transcript)
Speech by Mark Carney (the Bank of England's equivalent to Janet Yellen)
Climate change and financial stability
-
enigmaT120
- Posts: 1240
- Joined: Thu Feb 12, 2015 2:14 pm
- Location: Falls City, OR
Re: Climate change and financial stability
A transcript, good.
This was interesting to me:
Second, liability risks: the impacts that could arise tomorrow if parties who have suffered loss or damage from the effects of climate change seek compensation from those they hold responsible. Such claims could come decades in the future, but have the potential to hit carbon extractors and emitters – and, if they have liability cover, their insurers – the hardest;
I didn't realize that in parts of the world (the speech mentioned the Caribbean) insurance for disasters has already become so expensive that nobody can afford it, hence they can't get mortgages, and places are being abandoned. I don't have earth quake insurance. I got a quote a long time ago and it not only had a huge deductible but was more expensive than it was worth. At least that's what I thought at the time. Does anybody else here waiting for "the big one" have quake insurance? I just figure if I have to I'll make a log cabin.
This was interesting to me:
Second, liability risks: the impacts that could arise tomorrow if parties who have suffered loss or damage from the effects of climate change seek compensation from those they hold responsible. Such claims could come decades in the future, but have the potential to hit carbon extractors and emitters – and, if they have liability cover, their insurers – the hardest;
I didn't realize that in parts of the world (the speech mentioned the Caribbean) insurance for disasters has already become so expensive that nobody can afford it, hence they can't get mortgages, and places are being abandoned. I don't have earth quake insurance. I got a quote a long time ago and it not only had a huge deductible but was more expensive than it was worth. At least that's what I thought at the time. Does anybody else here waiting for "the big one" have quake insurance? I just figure if I have to I'll make a log cabin.
Re: Climate change and financial stability
@enigmaT120
I have friends who purchased a very nice house in the San Francisco/San Jose area about 2 years ago. They came to the same conclusion on earthquake insurance, as you did. It was too expensive for what you got. I can't remember the exact limitations, but it seemed rather worthless.
I have friends who purchased a very nice house in the San Francisco/San Jose area about 2 years ago. They came to the same conclusion on earthquake insurance, as you did. It was too expensive for what you got. I can't remember the exact limitations, but it seemed rather worthless.
-
Riggerjack
- Posts: 3191
- Joined: Thu Jul 14, 2011 3:09 am
Re: Climate change and financial stability
I live a mile away from a major fault, with no earthquake insurance. Partly because I braced the hell out of my house, and partly because of the price/product.
When I asked the agent, it turns out less than 25% of Washingtonians have earthquake coverage.
When I asked the agent, it turns out less than 25% of Washingtonians have earthquake coverage.
-
enigmaT120
- Posts: 1240
- Joined: Thu Feb 12, 2015 2:14 pm
- Location: Falls City, OR
Re: Climate change and financial stability
My house is a kit cedar house, like a Lindall but it's a different brand. I wish I could remember which. Anyway, it's all tongue and groove cedar boards about 4" x 6" stacked horizontally and interlocking at the corners like a stereotypical log house. I think that is a stable construction. But it's on a concrete block foundation (solid, mortared together) and I don't know if that's strong enough. I have been trying to figure out a way to fit some pieces of angle iron (or aluminum or stainless) to bolt the wood part better to the concrete part, in case the original holders have rusted to the point they aren't strong any more.
My big fireplace is also a worry, as it goes up through the middle of the house. It's not attached to the house really, it has it's own foundation beneath it. It's against one inner wall and must have some means of fastening to the wood, but I don't know what it would be.
My big fireplace is also a worry, as it goes up through the middle of the house. It's not attached to the house really, it has it's own foundation beneath it. It's against one inner wall and must have some means of fastening to the wood, but I don't know what it would be.