The United States is Earth’s punching bag for nasty weather. Blame geography for the U.S. getting hit by stronger, costlier, more varied and frequent extreme weather than anywhere on the planet, several experts said. Two oceans, the Gulf of Mexico, …
Natural disasters, many driven by climate change, caused global economic losses of $313 billion in 2022, insurance broker Aon estimated on Wednesday, of which less than half was insured. Losses from natural catastrophes covered by the insurance sector amounted to …
When it comes to climate impacts, the frontline of the finance industry is insurance. Last year’s payout from damages caused by extreme-weather events totaled $120 billion—about the same as the economic output of Kenya. And that’s a 50% increase over …
A disaster-weary globe will be hit harder in the coming years by even more catastrophes colliding in an interconnected world, a United Nations report issued Monday says. If current trends continue the world will go from around 400 disasters per …
The newest member of Farmers Insurance Group’s catastrophe response team is a four-legged robot that vaguely resembles a headless greyhound. Farmers announced that it purchased a remote-controlled robot dubbed “Spot” from Boston Dynamics and expects delivery this fall, after the …
The world was watching end-of-days scenes: Firefighters in yellow jackets, blurry against a copper sky, battled to push back walls of flames. Veterinarians tended to badly burned koalas and kangaroos. Dazed survivors picked through the ruins of their torched houses. …
As insurers brace for an expensive natural-disaster season because of storms and wildfires ravaging parts of the United States, the novel coronavirus is giving them an odd financial break. Many companies that were damaged or evacuated because of natural catastrophes …
Global insurers are well capitalized to absorb the hit from rising claims and costs related to the COVID-19 pandemic, ratings agency AM Best said on Monday, citing a stress test it conducted to gauge the immediate impact of outbreak on …
Zurich Insurance Group AG expects to have more power to increase commercial insurance rates than it has seen in almost two decades as a shortage of supply and high natural catastrophe payouts help reverse declining premiums. “The last time this …
SAN FRANCISCO — A financial tug-of-war is emerging over the $13.5 billion that the nation’s largest utility has agreed to pay to victims of recent California wildfires, as government agencies jockey for more than half the money to cover the …