Guest essay by Eric Worrall
Warren Buffet has repeated his inconvenient message from last year, that climate has not affected his insurance business – though he is concerned about future climate change.
Warren Buffett says global warming is not impacting the way Berkshire writes insurance
Monday, 27 Feb 2017 | 3:34 PM ET
Berkshire Hathaway CEO Warren Buffett on Monday said he has not yet seen sufficient evidence that climate change is affecting weather events to a degree that would make him change the way his conglomerate’s insurance businesses write policies.
Events such as Hurricane Sandy have raised concerns that global warming is increasing the intensity and frequency of so-called superstorms.
“I have not seen anything yet that would cause me to change the way we look at evaluating quakes, tornadoes, hurricanes by atmosphere. Now, that may happen some day,” he told CNBC’s “Squawk Box.”
Research shows it is premature to conclude greenhouse gas emissions from human activities “have already had a detectable impact on Atlantic hurricane or global tropical cyclone activity,” according to the National Oceanic and Atmospheric Administration.
“It seems highly likely to me that climate change poses a major problem for the planet. I say ‘highly likely’ rather than ‘certain’ because I have no scientific aptitude and remember well the dire predictions of most ‘experts’ about Y2K,” he wrote in last year’s shareholder letter.
“It would be foolish, however, for me or anyone to demand 100% proof of huge forthcoming damage to the world if that outcome seemed at all possible and if prompt action had even a small chance of thwarting the danger.”
Alarmists regularly push tall tales about contemporary storms being worsened by global warming. The reality is that even the alarmist NOAA can’t definitively detect an increase in storm activity.
NOAA make wild predictions of what they expect to happen by the end of this century, but answering for the accuracy of those predictions will be someone elses problem – few of those predictions will be tested, until long after most of us are dead.