The world just experienced its hottest January on record, continuing a run of exceptional heat fueled by climate change, the European Union’s Copernicus Climate Change Service (C3S) said on Thursday. Last month surpassed the previous warmest January, which occurred in …
A new report warns insurance companies could face billions of dollars in losses if they stay on the current course of investments that contribute to climate change, at “a scale exceeding some of the worst wildfires in California’s history.” The …
The European Union will need 1.5 trillion euros ($1.6 trillion) per year of investments to meet its 2050 net zero emissions target, research backed by Green EU lawmakers said on Monday. The European Commission is set to recommend next week …
Climate change is the main culprit for a record drought in the Amazon rainforest that has drained rivers, killed endangered dolphins and upended life for millions of people in the region, according to a study released on Wednesday. Global warming …
Reinsurers’ underwriting margins are expected to peak in 2024 on the significant price rises and tighter terms and conditions achieved during 2023 and in the January 2024 renewals, which will likely lead to softer market conditions in 2025, according to …
The insurance industry is grappling with a new kind of weather risk that’s increasingly driving its biggest loss category. While no single weather event caused more than $10 billion in losses for insurers last year, there were 37 thunderstorms that …
Two months of missile, drone and hijacking attacks against civilian ships in the Red Sea have caused the biggest diversion of international trade in decades, pushing up costs for shippers as far away as Asia and North America. The disruption …
British drivers have to fork out twice as much to insure electric vehicles as they do for combustion-engine models, adding to hurdles to make the switch to zero-emission cars. The average insurance premium for EVs jumped to £1,344 ($1,700) at …
Global insured losses from natural catastrophes totaled $118 billion in 2023, according to Aon’s annual Climate and Catastrophe Insight report. That number represented 31% of the total economic loss caused by 398 global natural disaster events. While 2022 saw the …
Reinsurers had varied appetites for casualty reinsurance during the January 2024 renewals; while capacity was sufficient, they still maintained underwriting discipline, according to reinsurance brokers in their renewal reports. “Some reinsurers adopted a tougher stance ahead of the January 2024 …
