Will the Next Bubble Be Made Out of Carbon?
Then there is the insurance industry, which paid out $35 billion in private losses last year, $11 billion more than the previous decade’s average. This industry, which is inherently conservative, has been slow to action in response to a situation that poses such a grave risk to its financial health. But that is beginning to change. Take the case of Eli Lehrer, a former Heartland Institute vice president with an insurance background. He left the right-leaning group and helped start the R Street Institute, an organization financed largely with insurance industry money, conservative in all respects except that it supports a carbon tax to combat climate change.
