floods News

Natural Disasters Caused $313B Economic Loss in 2022 – Aon

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 …

Insured Losses Hit $120 Billion as Extreme Weather Spreads

The insurance industry is struggling to adapt to a new normal in which losses fueled by climate change are now regularly exceeding $100 billion a year. Insured losses from natural disasters hit about $120 billion in 2022, most of which …

Viewpoint: Understanding the Factors Impacting Gas Station Business Income Losses

Whether the damage to a gasoline station’s gas pumps results from car accidents, fires, lightning strikes, vandalism, or even floods, there are many distinct aspects to consider when reviewing and analyzing related business income losses (or evaluating equipment replacement costs). …

Historic Homes May Prove to Be More Resilient Against Floods

SUFFOLK, Va. (AP) — Whenever historic homes get flooded, building contractors often feel compelled by government regulations to rip out the water-logged wood flooring, tear down the old plaster walls and install new, flood-resistant materials. It’s a hurried approach that’s …

Low Rate of Flood Insurance Cover Spells Danger as Climate Crisis Deepens

Insured losses from floods doubled to $80 billion globally during 2011-2020 compared to the previous decade, while insurance penetration lingered at just 18%, according to Swiss Re Institute’s economic insights report focused on floods. Climate change has led to an …

Floods, Other Water-Related Disasters Could Cost Global Economy $5.6 Trillion by 2050

Worsening droughts, storms and torrential rain in some of the world’s largest economies could cause $5.6 trillion in losses to the global economy by 2050, according to a report released on Monday. This year heavy rains have triggered floods that …

Biden Admin Announces $3B in FEMA Climate Resilience Funding

WASHINGTON –– The Biden administration on Friday announced it is putting more than $3 billion into two federal programs to help communities deal with floods, wildfires, extreme heat and other problems imposed by climate change. Funding for the Building Resilient …

Climate Stress Test Flags $71B Risk to Euro Zone Banks

FRANKFURT —A sudden jump in carbon prices coupled with floods and droughts this year would lead to losses of at least 70 billion euros ($71.1 billion) for the euro zone’s largest banks, the European Central Bank said on Friday. The …

Yellowstone Park Reopens After Changes Wrought by Flood

WAPITI, Wyo. (AP) — Visitors returned Wednesday morning to a changed landscape in Yellowstone National Park as it partially reopened following record floods that reshaped the park’s rivers and canyons, wiped out numerous roads and left some areas famous for …

Dozens Dead, Thousands Homeless in Bangladesh, India Floods

SYLHET, Bangladesh (AP) — Villagers in northeastern Bangladesh crowded makeshift refugee centers and scrambled to meet boats arriving with food and fresh water as massive floods, which have killed dozens of people and displaced hundreds of thousands there and in …