Can’t charge premiums high enough to cover pay-outs, nor could anyone afford to pay that much. Lack of predictability means re-insurance companies simply refusing to cover environmental catastrophes, the way they don’t insure war or political unrest etc. So, end of insurance, basically. Everyone hanging out there uninsured. Governments therefore payer of last resort, but most governments already deep in debt to finance, meaning also re-insurance companies. Nothing left to give without endangering belief in money. Entire system therefore on brink of collapse. Mary: What mean collapse? Jurgen: Mean, money no longer working as money. Silence in room. Jurgen adds, So you can see why re-insurance hoping for some climate mitigation! We can’t afford for world to end! No one laughs.
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