Climate change is making extreme summer weather more frequent and intense. A new study finds that quasi-resonant amplification (QRA) wave events — linked to heatwaves, floods, and droughts — now occur three times as often as in the 1950s, driven by rapid Arctic warming and a weakening jet stream.
Tag: climate change
How Climate Change Is Increasing Maintenance Costs and Straining Insurers
The effects of climate change on buildings are becoming evident, not just through the destruction caused by storms and floods, but also through gradual damage that’s challenging insurers and property owners alike.
Extreme Weather Disrupting the Finer Things in Life
As the world warms, extreme weather is disrupting the production of some of life’s great comforts—wine, olive oil, coffee and cocoa. Some of these crops are concentrated in one or two regions, which means wonky weather in one part of the world can have a dizzying impact on global prices.
Insurance Crisis in Florida, Across the Nation, Gets National Spotlight
A rare national spotlight on one of the top concerns on the minds of Floridians. On Wednesday, the U.S. Senate Budget Committee debated the cause of the insurance crisis plaguing homeowners around the country.
Maritime Losses Decline But Industry Faces Unprecedented Challenges, Allianz Report Warns
The global shipping industry has seen a significant reduction in the number of vessel losses, but faces increasing volatility from geopolitical events, climate change, and the trend towards larger vessels, according to marine insurer Allianz Commercial.
Florida’s 125% Surge in Property Insurance Bills Sows Havoc
With Florida being threatened by more powerful hurricanes, commercial-property insurance costs last year surged at nearly five times the national pace, according to credit rating firm AM Best.
Homeowners Insurance Less Affordable for Consumers Over the Last 20 Years: IRC Study
Homeowners insurance affordability has deteriorated over the last two decades, driven by frequency and severity of natural disasters, economic conditions, rising construction costs and litigation, according to a new Homeowners Insurance Affordability report by the Insurance Research Council (IRC).
Risk Professionals Take on Emergent AI, Climate Change and Global Conflict
Generative artificial intelligence, geopolitical tension, punishing climate events—the list of headaches for businesses’ risk managers can seem to be in a perpetual state of growth.
New Study Calculates Climate Change’s Economic Bite Will Hit Nearly $38 Trillion Annually by 2049
Climate change will reduce future global income by about 19% in the next 25 years compared to a fictional world that’s not warming, with the poorest areas and those least responsible for heating the atmosphere taking the biggest monetary hit, a new study said.
Fruit and Vegetables Farmers Find Difficulty Getting Crop Insurance
Farmers who grow fresh fruits and vegetables are often finding crop insurance prohibitively expensive — or even unavailable — as climate change escalates the likelihood of drought and floods capable of decimating harvests.