natural disasters News

Lloyd’s of London Seeks Estimates For Coronavirus-Related Losses

Lloyd’s of London has asked its member firms to provide estimates of their potential current and final losses from coronavirus, a spokesman said on Tuesday, to help the insurance market understand its possible overall losses from the impact of the …

Satellites Are Helping the Municipal-Bond Market Assess Climate Risk

The $3.8 trillion municipal-bond market has found a new tool in its effort to understand the impact of climate change: the array of satellites orbiting high above Earth. Assessing climate risks is a particularly vexing problem given that U.S. state …

Interior Department Grounds Chinese-Made Drones, Citing Security Fears

The Interior Department is banning non-emergency flights of its fleet of 810 drones as it reviews national security concerns about the Chinese-made devices. The restrictions were outlined in an order signed Wednesday by Interior Secretary David Bernhardt that doesn’t name …

South Dakota Townships Face Financial Woes After 2019 Floods

SIOUX FALLS, S.D. — Townships in South Dakota are facing economic difficulties as 2019 flood repair costs mount. Townships primarily depend on their taxpayers for funds to repair more than 31,000 miles (50,000 kilometers) of roads while they wait for …

Vegas Newspaper Finds Trouble Tracking Casino Response Plans

LAS VEGAS — Nevada security officials had trouble tracking resort emergency response plans, months after the Legislature tightened requirements for 91 casinos statewide to update and maintain playbooks for incidents including active shooters and natural disasters, a newspaper reported. The …

Powerful Typhoons Scar Japanese Non-Life Insurers’ Earnings

A string of powerful typhoons that struck Japan has left scars on the country’s non-life insurers, with industry giants likely forced to pay a combined $8 billion in insurance payments in the current fiscal year that ends in March. Japan’s …

As Extreme Storms Wreck Power Grids, Japan Seeks Home Battery Networks

After recent typhoons ravaged Japan’s grid and disrupted power to almost 1.4 million customers, the government is encouraging homeowners to invest in storage systems, seeking to marry batteries with existing rooftop solar capacity to create backup electricity networks. The backbone …

FEMA Bought 44,000 Flood-Prone Homes and May Have to Buy Millions More

As the climate crisis worsens, more Americans will be forced from their homes. Many won’t be able to afford it, and the U.S. isn’t prepared for a massive, government-subsidized migration away from flood-prone areas, according to the first comprehensive analysis …

Cyber Risks to Exceed Natural Disasters for Insurers: Scor CEO

Cyber risks will soon become bigger risks than natural catastrophes for the insurance sector, Scor Chairman and Chief Executive Officer Denis Kessler said, recommending the industry build a comprehensive, common global scale to assess cyber-related incidents. “I dream of a …

NOAA Data Shows Weather Disasters Relatively Mild So Far this Year

It’s only April, and already the United States has experienced two climate disasters that each caused $1 billion in damages and together killed five people, the National Oceanic and Atmospheric Administration reported this week. NOAA’s National Centers for Environmental Information …