Pluralistic: Insurance companies are making climate risk worse (28 Nov 2023)

Today’s links Insurance companies are making climate risk worse: How to break the climate insurance doom-loop. Hey look at this: Delights to delectate. This day in history: 2008, 2013, 2018, 2022 Colophon: Recent publications, upcoming/recent appearances, current writing projects, current reading Insurance companies are making climate risk worse (permalink) Conservatives may deride the “reality-based community” as a drag on progress and commercial expansion, but even the most noxious pump-and-dump capitalism is supposed to remain tethered to reality by two unbreakable fetters: auditing and insurance: No matter how much you value profit over ethics or human thriving, you still need honest books – even if you never show those books to the taxman or the marks. Even an outright scammer needs to know what’s coming in and what’s going out so they don’t get caught in a liquidity trap (that is, “broke”), or overleveraged (“broke,” again) exposed to market changes (you guessed it: “broke”). Unfortunately for capitalism, auditing is on its deathbed. The market is sewn up by the wildly corrupt and conflicted Big Four accounting firms that are the very definition of too big to fail/too big to jail. They keep cooking books on behalf of management to the detriment of investors. These double-entry fabrications conceal rot in giant, structurally important firms until they implode spectacularly and suddenly, leaving workers, suppliers, customers and investors in a state of utter higgeldy-piggeldy: In helping corporations defraud institutional investors, auditors are facilitating mass scale millionaire-on-billionaire violence, and while that may seem…Pluralistic: Insurance companies are making climate risk worse (28 Nov 2023)

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