The federal government is giving local officials nationwide a painful choice: Agree to use eminent domain to force people out of flood-prone homes, or forfeit a shot at federal money they need to combat climate change. That choice, part of an effort by the Army Corps of Engineers to protect people from disasters, is facing… Continue reading Administration Pressing Cities to Evict Homeowners from Flood Zones
Tag: climate change
Will New Law Expose Links to Climate Risk?
Connecticut Insurance Investigation On March 5, Connecticut lawmakers will have a public hearing on whether insurance companies should be forced to disclose their involvement in the fossil fuel industry. A bill is working its way through the state senate that would assign the state insurance commissioner to investigate insurance companies concerning climate issues. The commissioner… Continue reading Will New Law Expose Links to Climate Risk?
Climate Change Could Add Around $100B to Costs of Extreme Weather
Climate change could add around $100 billion, or more than 20%, to the global cost of extreme weather events such as floods, heatwaves and droughts by 2040, research from Cambridge University shows. The findings come from the university’s Climate Change Business Risk Index, which uses climate modeling data to quantify extreme weather event risks and… Continue reading Climate Change Could Add Around $100B to Costs of Extreme Weather
QBE Says Parts of Planet Becoming Uninsurable Due to Climate Concerns
Global insurance giant QBE has warned climate change poses a material threat to its business and the entire economy as its chief executive Pat Regan said premiums were at risk of becoming too high in areas exposed to repeated, extreme weather. The comments came after the insurer posted a statutory profit of $550 million, up… Continue reading QBE Says Parts of Planet Becoming Uninsurable Due to Climate Concerns
At the Crest of Climate Change’s Impact on D&O Claims
The pressure of climate change risks is growing. Changing weather patterns, wildfires, aridification, and water supply issues, to name only a few, continue to dominate global headlines. As the consequences of climate change increasingly manifest themselves, the business risks they pose are reaching into all sectors of the economy. For D&O insurers, the predicted issues… Continue reading At the Crest of Climate Change’s Impact on D&O Claims
Swiss Re to Pass On Climate-Related Price Increases to Insureds: CEO Interview
As the risk transfer industry continues to adapt to the changing climate, Swiss Re is in the process of passing climate-related price increases on to its clients, according to the firm’s Chief Executive Officer (CEO), Christian Mumenthaler. In an interview with CNBC at the 2020 annual World Economic Forum (WEF) in Davos, Mumenthaler discussed the… Continue reading Swiss Re to Pass On Climate-Related Price Increases to Insureds: CEO Interview
Trump Plans to Overhaul Federal Environmental Review Process
President Trump is proposing a major overhaul of federal environmental permitting, responding to business complaints of lengthy bureaucratic delays they say have bogged down vital infrastructure projects such as roads and energy pipelines. The president is planning to make an announcement regarding the National Environmental Policy Act, or NEPA, at 11 a.m. Thursday, according to… Continue reading Trump Plans to Overhaul Federal Environmental Review Process
Economic Impact of Australia’s Bushfires Set to Exceed $4.4B Cost of Black Saturday Blazes in ’09
The economic damage from the bushfires devastating Australia’s eastern seaboard is likely to exceed the record $4.4bn set by 2009’s Black Saturday blazes, Moody’s Analytics has said. The Moody’s economist Katrina Ell said the fires would further cripple Australia’s already anaemic consumer confidence, increasing the chances of a rate cut next month, as well as… Continue reading Economic Impact of Australia’s Bushfires Set to Exceed $4.4B Cost of Black Saturday Blazes in ’09
Insurance Losses from Australia’s Bushfires Soar to $700M
Insurers will brief Australia’s Treasurer Josh Frydenberg about the industry’s response to the bushfire crisis as they revealed almost 9000 claims more than worth about $700 million have been received so far, with the damage expected to rise dramatically as the extent of destruction becomes clearer in coming days. The New South Wales Rural Fire… Continue reading Insurance Losses from Australia’s Bushfires Soar to $700M
Australia’s Catastrophic Fires Threaten to Upend the Way People Live
The human, environmental and economic toll of Australia’s devastating wildfires is mounting each day, but the country has barely begun to grasp the total cost of the “unprecedented” blazes and how it will change the way people live. Igniting two months earlier than the usual start of the Australian fire season, the flames have torn… Continue reading Australia’s Catastrophic Fires Threaten to Upend the Way People Live