Every uptick in wind speed along the Gulf of Mexico shoreline is of enormous interest to Mike Eilts. Eilts, senior vice president for weather at DTN, a Minnesota-based analytics firm, knows that an unexpected cold front in Louisiana, nudged southward by a jet stream unsettled by global warming, can push rising winds into the Gulf,… Continue reading Wall Street Embraces Weather Risk in New Era of Storms
Tag: climate change
Climate Change Could Make Insurance Too Expensive for Most People: Report
Insurers have warned that climate change could make cover for ordinary people unaffordable after the world’s largest reinsurance firm blamed global warming for $24bn of losses in the Californian wildfires. Ernst Rauch, Munich Re’s chief climatologist, told the Guardian that the costs could soon be widely felt, with premium rises already under discussion with clients… Continue reading Climate Change Could Make Insurance Too Expensive for Most People: Report
Trump Administration Plans Flood Insurance Overhaul
The Trump administration said Monday it plans to overhaul government-subsidized flood insurance, in a sweeping proposal that could raise rates on more expensive properties and those in higher-risk areas. The new system would affect policies for most homeowners who own property in flood-prone areas, where such coverage is required because few private companies offer flood… Continue reading Trump Administration Plans Flood Insurance Overhaul
Wildfires, Hurricanes and Other Extreme Weather Cost U.S. Nearly $100B in Damage During 2018
The number of billion-dollar weather disasters in the United States has more than doubled in recent years, as devastating hurricanes and ferocious wildfires that experts suspect are fueled in part by climate change have ravaged swaths of the country, according to data released by the federal government Wednesday. Since 1980, the United States has experienced… Continue reading Wildfires, Hurricanes and Other Extreme Weather Cost U.S. Nearly $100B in Damage During 2018
Corporate America Tallies the Mounting Costs of Climate Change
Bank of America Corp. worries flooded homeowners will default on their mortgages. The Walt Disney Co. is concerned its theme parks will get too hot for vacationers, while AT&T Inc. fears hurricanes and wildfires may knock out its cell towers. The Coca-Cola Co. wonders if there will still be enough water to make Coke. As… Continue reading Corporate America Tallies the Mounting Costs of Climate Change
PG&E: The First Climate-Change Bankruptcy, Probably Not the Last
PG&E Corp.’s bankruptcy could mark a business milestone: the first major corporate casualty of climate change. Few people expect it will be the last. California’s largest utility was overwhelmed by rapid climatic changes as a prolonged drought dried out much of the state and decimated forests, dramatically increasing the risk of fire. On Monday, PG&E… Continue reading PG&E: The First Climate-Change Bankruptcy, Probably Not the Last
Climate and Cyber Risks Top Concerns Facing the World in 2019: WEF
The failure to tackle climate change and extreme weather events are the most threatening global risks this year, according to the World Economic Forum. Inability to mitigate or adapt to climate change leapfrogged several places on the list as the second-most likely risk facing the world in 2019 after extreme weather events, the WEF said… Continue reading Climate and Cyber Risks Top Concerns Facing the World in 2019: WEF
French Insurer AXA Extends Climate Change Policy to XL
AXA, France’s biggest insurer, extended its climate change policy to its recently-acquired XL division, which will result in a negative impact on its revenues. AXA said XL will stop insuring projects related to the construction of coal-fired power plants and the extraction of tar sands. The move will mean a revenue loss of about 100… Continue reading French Insurer AXA Extends Climate Change Policy to XL
Climate Change Will Severely Affect U.S. Economy: Report
A newly released report issued by 13 federal agencies on Friday explains in great depth the potential consequences of climate change on the United States and warns that neglecting to take action could drastically impede economic growth over the next century. The report, written with the help of over 1,000 people, including about 300… Continue reading Climate Change Will Severely Affect U.S. Economy: Report
Cities Threatened by Climate Risk Still Getting AAA Bond Ratings
Last fall, after a trio of deadly hurricanes, ratings companies warned vulnerable coastal cities to get ready for climate change — or face higher borrowing costs on the $3.9 trillion municipal bond market. Climate advocates cheered, hoping the prospect of downgrades would push local officials to better protect their residents from the effects of global… Continue reading Cities Threatened by Climate Risk Still Getting AAA Bond Ratings