Moni Usasz’s letter to the editor (“Bankers, too, worried about climate,” Nov. 21) pointed out the dramatic increases in loss over the past five years because of climate and weather-related events. I wish to point out that the insurance industry that insures homeowner and business properties is especially vulnerable to this increase in climate and weather-related losses.
Several years ago, the Nebraska Peace Foundation submitted a shareholder resolution to Berkshire Hathaway warning that with its major investment in the insurance industry (Geico), it could be vulnerable to severe weather-related losses.
Warren Buffett dismissed this warning with the comment that the insurance industry readjusts their rates yearly and increased losses pose no threat to their industry. Yes, this means insurance rates go up and to the point that many are no longer able to afford insurance. With fewer people insured, the insurance industry suffers along with all those without insurance.
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Climate change is our most existential threat to life on earth as we have known it for hundreds of years. We need to act now. Our senators, Deb Fischer and Ben Sasse, and Rep. Jeff Fortenberry need to address climate change and support policies that will reduce carbon emissions and lower greenhouse gases.
The disastrous floods Nebraska experienced this spring bring out the need for Nebraska’s Washington delegation to act and to act now!
Loyal C. Park, Lincoln
President, Nebraska Peace Foundation,