perceptions_now
Gold Member
Offline
Australian Politics
Posts: 11694
Perth WA
Gender:
|
perceptions_now wrote on Jan 10 th, 2013 at 11:26am: gold_medal wrote on Jan 10 th, 2013 at 8:47am: perceptions_now wrote on Jan 10 th, 2013 at 8:41am: gold_medal wrote on Jan 10 th, 2013 at 8:21am: perceptions_now wrote on Jan 10 th, 2013 at 8:11am: gold_medal wrote on Jan 10 th, 2013 at 6:45am: philperth2010 wrote on Jan 9 th, 2013 at 8:29pm: actually it doesn't stand to reason at all. if CO2 (not carbon) is not a problem at all - as the current divergence between CO2 concentrations and temperature suggest - then spending trillions of dollars to reduce emissions is an uber-expensive waste of time. reducing our reliance on fossil fuels is however a good thing since it is a limited resource. The basics will remain that it is simply good & usual Business practice, to mitigate known Risks, even if it is considered unlikely AND part of that process involves paying a Premium to lessen the chance of the worst Risks. At the absolute core, the Climate Change issue is no different! thats a silly statement. it is not a 'known risk' if it is considered unlikely. And your parallel is even worse in that the hysterics actually want to radically alter and minimise human society - hardly a risk minimisation strategy. ACC has to actually have a credible backing before spending trillions of dollars on it and to date, the hypothesis is looking increasingly unlikely. Obviously, YOU have never had anything to do with the insurance industry OR you would know that THERE ARE "MANY KNOWN RISKS", WHICH ARE CONSIDERED UNLIKELY TO AFFECT CERTAIN BUSINESSES OR GEOGRAPHIC AREAS, BUT THEY DO AND THEY DO IT, ALL TO OFTEN!
Try Earthquakes, which are frequent, BUT not too frequent in Newcastle!
Or, try Cyclones, which are frequent, BUT not too frequent in PERTH!
Do Businesses demand that these risks be excluded from the insurance premiums they pay? Fortunately, good Business owners & sensible insurance people understand that sh!t happens & it doesn't always happen where, when & how is commonly expected, BUT mitigation of those Risks still make good sense!
In terms of spending Trllions, that's already been done on the GFC, for very little, to NO return!
comparing ACC to the insurance industry is an interesting one - if rather silly when you think about it. A risk needs to be credible to be considered. and then it needs to be quantified so that it can be mitigated. ACC is rapidly losing the credibility stakes. and as for quantified, what prediction do you want to use to quantify it? the failed one, the really failed one or the laughably bad failed one? and therein lies the difference. insurance mitigastes KNOW risks with KNOWN outcomes. ACC is both increasinlgy unlikely and its effects utterly unknowable. Do You consider Earthquakes in Newcastle &/or Cyclones in PERTH, credible, usual or likely? There is already work done on both quantifying & mitigating, BUT as usual, YOU only look at what you want to see. I think you meant to say, "insurance mitigates KNOWN risks with KNOWN outcomes". And, to be blunt, you wouldn't know the first thing about - insurance mitigation of risks known risks known outcomes unknown risks unknown outcomes Or, as Don Rumsfeld put it - There are known knowns; there are things we know we know. We also know there are known unknowns; that is to say, we know there are some things we do not know. But there are also unknown unknowns – the ones we don’t know we don’t know. And, there is one more just for you, Longy - There are also knowns & unknowns – which we don’t want to know - but which we really do know. Cat got your tongue, Longy?
|