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 …
ACAMPO, Calif. (AP) — On Sunday morning, Kyle Starks woke up to floodwaters that reached the door of his Jeep after yet another heavy rain storm drenched California. Emergency crews showed up with boats to float Starks and other residents …
DENVER (AP) — Costly weather disasters kept raining down on America last year, pounding the nation with 18 climate extremes that caused at least $1 billion in damage each, totaling more than $165 billion, federal climate scientists calculated Tuesday. Even …
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 …
This past year has seen a horrific flood that submerged one-third of Pakistan, one of the three costliest U.S. hurricanes on record, devastating droughts in Europe and China, a drought-triggered famine in Africa and deadly heat waves all over. Yet …
Hurricane Ian and other natural catastrophes, such as European winter storms, floods in Australia and hailstorms in France and the U.S., have cost insurers an estimated $115 billion so far this year, according to a report published by Swiss Re …
As Twitter became knotted with parody accounts and turmoil, Rachel Terlep, who runs an account for the Washington State Department of Natural Resources that intersperses cheeky banter with wildfire and weather warnings, watched with equal parts trepidation and fascination. “It …
SHARM EL-SHEIKH, Egypt (AP) — The Group of Seven leading economies launched a new insurance system Monday to provide swift financial aid when nations are hit by devastating effects of climate change. The so-called Global Shield is backed by the …
The devastation of Hurricane Ian reminds us that the opportunity for property subrogation success is often disguised as an Act of God. The claims history of most domestic insurance carriers is littered with billion dollar claims as a result of …
MIDDLETOWN, N.J. (AP) — Survivors of storms that pounded several U.S. states say the nation’s disaster aid system is broken and that they want reforms to get money into victims’ hands faster, with less red tape. On the 10th anniversary …