Am I the only one who’s a little insulted by Allstate citing global warming as the reason for their rate hike proposal?

I mean, insurers have been pulling out of hurricane-prone counties and states since Hurricane Andrew. We know why: it’s risky to insure property on the coast. And even though I find it sort of ridiculous (hey, what are premiums for? And, also, what about those billion dollar profits?), it’s every private insurer’s right to write coverage where and how they see fit.

But raising premiums under the guise of global warming feels somehow patronizing.

I personally like Derek’s take. If Allstate is that concerned about global warming, if they’re so affected by it that they can’t afford to sell policies, why don’t they donate some of their profits to help clean up the earth?

What if Allstate, out of benevolence, and contemporary thinking, starts to invest some of their profit into Florida's Hurricane Grant project and helps all of the low income properties that are not financially capable of bringing their homes and buildings up to current hurricane mitigation standards? Then, when all of the extra globally warmed hurricanes hit the peninsula, maybe the tallied losses wouldn't be so catastrophic.

Obviously Allstate is not the only insurer proposing rate hikes and pulling business out of certain areas of the country. But doing so under the guise of global warming in an economy where people already feel like they’re being kicked while they’re down in out feels, in a word, shady.

[Related reading]:
Global Warming Ate My Insurance Policy
Allstate + Global Warming = Increase
Allstate Policy Cuts Get Scrutiny