Climate change is making many houses uninsurable. Is this a disaster in the making?
Richard J Murphy 
Uninsurable houses as a result of climate change will be a disaster for homeowners, banks, governments and the whole of society. Are we ready for the challenge?
#uk #money #economy #politics #government #tax #labour #starmer #health #life #flooding #flood #bank #fire #hurricane
ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
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I suggest that an even earlier time bomb is in the oft reported appalling quality of new build housing. The exposed behaviour of developers charging what they like for services in flats. The exposure of housebuyers to negative equity through inflated prices fed by mortgages based on absurdly high income multipliers (further boosted by help-to-buy deposits). More and more young people are going to find themselves trapped in properties they cannot sell, and cannot afford to repair, so their life chances will be stifled. The increase in severe weather events will create a domino effect devastation.
The highest ever global population growth rates, with increases of over 1.8% per year, occurred between 1955 and 1975, peaking at 2.1% between 1965 and 1970. The growth rate declined to 1.1% between 2015 and 2020 and is projected to decline further in the 21st century. The global population is still increasing, but there is significant uncertainty about its long-term trajectory due to changing fertility and mortality rates. The UN Department of Economics and Social Affairs projects between 9 and 10 billion people by 2050 and gives an 80% confidence interval of 10–12 billion by the end of the 21st century,[1] with a growth rate by then of zero. Other demographers predict that the human population will begin to decline in the second half of the 21st century. Let us keep our fingers crossed for its 2nd scenario.
Insurance companies and stupid planning for corrupt developers is the actual problem. Nothing to do with climate. There is no observed increase in extreme weather. Look at the data -not the models. Also learn to use Trove before you ever say "unprecedented".
'climate crisis' is communist terra forming,you sound like an ideologist not an economist.
We need to start describing Global Warming as the loss of human habitat. That's what it means, that's what is happening.
Greenwich flooded a few weeks ago at Spring High Tide. I live on 5th floor but I'm expecting my area to flood sometime soon.
You will own nothing and be happy. Its all being done to make it as hard as possible to own anything, unless you are rich.
Unfortunately while this is going on the electorate seem to be turning to right wing fantasists, who think that our priority should be to be cruel to people seeking asylum.
Mass immigration leading to building on flood plains doesn’t help. There’s a 500 house estate built on a flood plain. Flooded during the first high tide.
pmsl – wildfires do you mean man made fires – climate change is a scam ,.. but dont worry we got weather modification programs from out united nations terra ists
I do not understand why the Insurance Industry isn't taking the Fossil-fuel sector to the cleaners through the courts considering the removal of their bread and butter business model… I'm left to wonder to what extent the Insurance Industry is invested in Fossil-fuels?
You’re not the first person I’ve heard talk about this, but you explained the consequences more completely than I’ve heard before. Actually gives me hope that climate change action will come. Thank you! Great teaching.
Easy peasy. We will think out of a box or boxes or a circle.
Fair Warning: I have been in a city with a flood so severe, ALL the homes were flooded into the second floor. ALL the cars were a total loss … ALL the business were closed. The government had to bring food and water for weeks. You can't imagine a serious flood, and how it ruins lives … until you have lived it. THINK before you build / buy a home … save yourself the heartache of losing everything and starting over. 🌧🌧🌧🌧🌧
Add -> "Unheatable Homes" / I'm living in a wonderful house – build 1904. An energy renovation would destroy the house and costs more than it is worth.
Long overdue reality check on the civilisation impact of imminent climate chaos. We're totally unprepared in all aspects of the horror that is going to be unleashed. Neoliberal governments and the fossil fuel industry are taking us into hell. You're POV is the by far the best way to get the masses to wake up to the unstoppable catastrophe that is rapidly barrelling towards us. Factor in mass migration global food shortages and stock market volatility and overwhelmed governments will be facing crisis management circumstances. THIS IS AN EMERGENCY; they just won't admit it.
More nonsense and twaddle.
Your town might become a nice fishing village in case of a flood! Not too bad maby climate change is a good thing🤔
The populist neoliberal politicians simply deny climate change to continue their extraction of profit while the world goes to Hell in a handcart. Climate change is the most pressing emergency, yet we probably spend more on armaments for war and "defence" than we invest in the effects of climate change. Tice and Farage are a prime example. While our government's "fiscal rules" prevent adequate mitigation of pending disasters. We need to be proactive.
It’s a game of chicken and we all lose.
"All these things have to be addressed…" *within 5 years* So LOL
Opportunity for Big Fossil Fuel Companies to Contribute to the Insurance, This can include Big Data Centres used for AI, including companies Like Amazon that do high-mileage delivery
Seems so many people haven't really thought about CLIMATE CHANGE and the implications. It's probably not on social media or even news bulletins very much. There has to be PLANNING>ACTION>INVOLVEMENT OF GOVTS & WHOLE POPULATIONS before it's too late and disasters overwhelm us!!!
There is a channel I'd like to suggest as he breaks down and goes into detail on the more practically economic and political issues of climate change – Dr. Simon Clark. It's worth looking over how he details what can be feasibility done to avert the worst of the coming decade.
That's an awesome opportunity to all that deem climate change as an hoax to put their money where their mouth is
The point is that areas like the Somerset levels and the kings drain in particular, were left to their own devices over several administrations.
Having contracted on the levels, I can say that unless the pumps are running 24/7 one can not put a trench in, and expect to work the next day.
Moreover, to keep the land viable for running anything other than sheep and cattle it must be drained hence the extensive culvert system.
In 2013/14 because of little or no forward planning and to put it bluntly lack of investment and maintenance, the levels were taken back to the time of Alfred the Great, where communities were isolated in winter time, with pathways only the locals knew.
Thank goodness we have global climate change, it drives evolution….this is healthy, stagnation is not.
The first priority for Ely should be the protection of the railway line. That has the smallest footprint to capacity ratio and could keep Ely viable even if all the roads are lost.
Mother Nature does not recognise political bull. She will have her as we slowly destroy the planet !!!!!!
If you're honest, do a video breaking down the numbers to see whether the US are being ripped off on trade from China , EU, Mexico etc
Worry not, invisible hand of the 'free market economy' will take care of everything. Everything! It will just weed out the weak, vulnerable and unfortunate, problem solved. /s
Climate Change deniers should bear in mind that Insurance Companies are very hard nosed and objective. They are not interested in "Conspiracies" and do not let them influence commercial decisions.
On the other hand deniers can't afford to be wrong!
The real crisis is the crisis of political and social apathy: politicians in thrall to their corporate donors especially the oil companies; the corporate media complicit in not telling the truth about how bad things really are. No wonder the public carries on as though there is nothing much to worry about because they assume _ wrongly – that it's a long way off. The climate crisis is a massive threat to our very existence yet we're not treating it with the urgency it warrants.
And mass-immigration is making homes to expensive for Britons and to expensive to rent.
Supply and demand as Rayner wants to build 1.5 million new homes with 1:5 going to immigrants .
Too many houses are needed on a small land mass .
So blame the building in the wrong areas to cover the crap caused by our MPs on climate change.
The FT had an article late last year during the California wild fires discussing the shifts in the Insurance industry.
it is quite simple, the government should legislate to ensure everyone can get insurance. after all buildings approved on floodplains is just plain stupid, but understandable given constraints. But let's be honest about this too. We live in a connected worked where everything gets recorded and shared. There have been floods and wildfires and erosion since the dawn of time. Deforestation is probably a bigger concern for flooding. AND, as there are more and more people living in the UK, with little investment in the infrastructure to counter house flooding. In East Yorkshire – coastal erosion has been going on for centuries, so I do think you can link everything you see to global warming. The planet is warming anyway, and will continue to do so for some some, with or without people burning of fossil fuels
I will say this, because I know this as a fact . Property insurance companies to postcode when it comes to flooding so if you’re in a flooding area, but your property never gets flooded you are still all in the net so to speak which then makes your property either uninsurable or extremely expensive to insure
£1000 that’s nothing. Try about £8000. That’s what the insurance companies are charging for properties in floodplain areas
Chicken Little…
This is how capitalism ends.
any possible air travel tax legislation has to be strong enough to stop the super rich flying on their private jets. Don't the rich cause more pollution than the average person who takes a couple of short flights to Europe each year?
🇮🇷🇮🇪🏴👍
What about these events, etc., in the rest of the world. This is ridiculously Eurocentric!