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2025 among world’s three hottest years on record,WMO says
The WMO, which consolidates eight climate datasets from around the...
Denmark-US rift triggers NATO deployment of forces in Greenland
“For us, ideas that would not respect territorial integrity of the...
Hurricane Milton leaves at least 10 dead, millions without power in Florida
More than 3 million homes and businesses in Florida were without power on Thursday morning, according to PowerOutage.us. At least some had already been waiting days for power to be restored after Hurricane Helene hit the area two weeks ago. Hurricane Milton plowed...
Milton’s insured losses will range from $30 billion-$50 billion: Fitch
Milton will push global industry insured losses thus far in 2024 to over $100 billion, which is the fifth consecutive year losses have crossed this threshold. This heightened level of catastrophe losses will likely limit any potential for rate declines in property...
Catastrophe bonds dodge worst-case scenario after Milton
Overall, Icosa Investments AG now sees insured losses in the range of $20 billion to $60 billion, meaning cat-bond investors look to be facing a maximum hit of 4%. On Wednesday, before Milton landed, Icosa warned that a direct hit to Tampa threatened to cause insured...
World’s rivers faced the driest year in three decades in 2023, the UN weather agency says
“Water is the canary in the coalmine of climate change. We receive distress signals in the form of increasingly extreme rainfall, floods and droughts which wreak a heavy toll on lives, ecosystems and economies,” said WMO Secretary-General Celeste Saulo, releasing the...
Lloyd’s of London must stop supporting fossil fuel expansion says NGO
“Lloyd’s will continue to follow government policy and regulatory requirements globally, while remaining committed to support an urgent and orderly just transition and remain agile in response to external shocks,” the emailed statement said. London: The Lloyd’s of...
Russian strikes on Ukraine’s ports and ships push insurance rates up
Insurance sources said on Thursday the war premiums had jumped around 30% this week to just over 1% of the value of the vessel from around 0.7% in early September, which would mean hundreds of thousands of dollars in extra costs A series of Russian missile strikes on...
US considers asking court to break up Google as it weighs remedies in the antitrust case
In court papers filed late Tuesday, government lawyers outlined a series of potential remedies it may pursue, including restrictions on how Google’s artificial intelligence mines other websites to deliver search results, and blocking Google from paying companies like...
Global emissions likely have peaked as renewables rise
The cost of deploying solar panels and battery technology is due to drop by 19% by 2030, helping deliver record amounts of low carbon power. Renewables are due to grow to 2.2 times by 2030, well below the tripling set out during the COP28 United Nations Climate Change...
Catastrophe bond investors brace for major losses as Milton rages
Catastrophe bonds, or cat bonds as they’re known in the industry, are issued by insurers and reinsurers to provide financial protection against the most severe natural disasters. Investors who buy the bonds stand to make large gains if a predefined event doesn’t...
Hurricane Milton could cost insurers up to $100 billion, analysts say
The Category 5 hurricane is due to make landfall on the Gulf Coast of Florida late on Wednesday or early Thursday, and is potentially one of the most destructive ever to hit the region, which is still recovering from devastation caused by Hurricane Helene less than...