The climate crisis is on track to destroy capitalism, a top insurer has warned, with the vast cost of extreme weather impacts leaving the financial sector unable to operate. The world…Continue readingClimate crisis on track to destroy capitalism, warns top insurer
Tag: insurance
Insurers paid out a record £585m for weather-related damage to homes and possessions in Britain last year, after record-breaking rain and storms hit the country. The data, from the Association of…Continue readingUK insurers paid out record £585m last year as climate breakdown intensifies
A growing number of homeowners nationwide are being dropped by insurance companies as firms and regulators struggle to deal with the unpredictable and costly risks of climate disasters. Nonrenewal notices surged…Continue readingCalifornia isn’t the only place where insurers are dropping homeowners
Thirteen of the ports with the highest supertanker traffic will be seriously damaged by just 1 metre of sea level rise, the analysis found. The researchers said two low-lying ports in…Continue reading‘Ironic’: climate-driven sea level rise will overwhelm major oil ports
By David Spratt at Climate Code Red If an unexpected leap in the global average temperature in 2023 was described by one scientist as “gobsmackingly bananas”, are there even words to…Continue readingA(nother) year of scientific shock and awe
A few weeks on from the flooding of 19 September, when the northern Italian region of Emilia Romagna was struck by its third devastating storm in less than 18 months, the…Continue reading‘It’s shameful and I won’t pay it’: flood-hit Italians rage against insurance call
The Durango Fire Protection District was repeatedly denied insurance coverage for the construction of its new downtown firehouse earlier this year because of the wildfire risk. “We literally are a fire…Continue readingColorado’s wildfire risk is so high a fire department struggled to find insurance to build a new firehouse
The Interconnected Disaster Risks Report identifies thresholds it calls “risk tipping points,” defined as “the moment at which a given socioecological system is no longer able to buffer risks and provide…Continue readingUN report warns of catastrophic risks to Earth systems
Farmers Insurance became the latest property insurer to pull out of Florida on Tuesday despite repeated efforts by the state’s legislature and its Republican governor, Ron DeSantis, to try to calm…Continue reading‘Cascading impacts’ warning as Farmers becomes latest insurer to quit Florida
Extreme weather events linked to climate change caused about $65 billion in total losses in the first half of 2022, roughly half of which hit uninsured assets, according to data compiled…Continue readingExtreme weather caused $65 billion in losses in first half of 2022