Tag: climate change

August 31, 2023

Some coal producers are having to set aside tens of millions of dollars to cover their own risks as they are cut adrift by insurers, making it more difficult and costly to do business amid a surge in demand for […]

July 18, 2023

In a report published in June 2023, the Columbia Center on Sustainable Investment (CCSI) claims that many financial institutions’ climate strategies are not currently aligned with global climate goals under the Paris Agreement. The report, entitled “Finance For Zero: Redefining […]

January 26, 2023

Economic losses from natural disasters in 2022 were estimated at $313 billion, with an insurance price tag of approximately $132 billion, according to Aon. Roughly 42% of economic losses were covered by public and private insurance entities, which translates into […]

August 29, 2022

Worsening droughts, storms and torrential rain in some of the world’s largest economies could cause $5.6 trillion in losses to GDP by 2050, according to a report released Monday. This year heavy rains have triggered floods that inundated cities in […]

July 8, 2022

A sudden jump in carbon prices coupled with floods and droughts this year would lead to losses of at least 70 billion euros ($71.1 billion) for the euro zone’s largest banks, the European Central Bank said on Friday. The ECB […]

March 28, 2022

Goldman Sachs’ big asset-management arm will take a harder line in voting on directors at companies that do not disclose enough about their greenhouse gas emissions, an executive said on Thursday, adding to the pressure on business leaders to provide […]

March 18, 2022

Swiss Re, the world’s second biggest reinsurer, said it would increase the number of oil and gas producers for which it refuses cover, following mounting pressure on big business to help the drive to curb a global temperature rise. In […]

November 24, 2021

President Biden on Tuesday took credit for the supposed strength of the U.S. economy — “the strongest economic recovery in the world,” he called it. But he also said don’t blame him for the “painful” spike in gasoline prices. Higher […]

November 12, 2021

Tony and Jhan Dunn never thought they would leave California, where they grew up, built a life together and planned to retire. But after a wildfire swept through their Northern California town of Paradise three years ago, burning their home […]

November 10, 2021

U.S. Bank today announced several company-wide commitments to address the impacts of climate change on its business, customers and communities, including: Setting a goal to achieve Net Zero greenhouse gas emissions (GHG) by 2050 Setting a goal to source 100% […]

November 4, 2021

The United States will not be able to insure its way out of coming climate disasters, but must focus on mitigation and resiliency – along with insurer solvency — to reduce risk and exposure, insurance regulators said Wednesday. Insurance commissioners […]

September 23, 2021

A report from the Mortgage Bankers Association says there’s little doubt that climate change will impact housing and the housing finance industry, and while just how great that impact will be is as of yet unknown, the authors take a […]

July 22, 2021

With an insured price tag of €4 billion to €5 billion (US$4.7 billion to $5.9 billion), economic losses from Germany’s recent floods are likely to be significantly higher, which highlights a sizable insurance “protection gap.” This protection gap – or […]

July 6, 2021

Oregon Gov. Kate Brown, a Democrat, says the Federal Emergency Management Agency should provide aid and assistance to undocumented families who lose their homes in wildfires. Brown was among the Western governors who joined a conference call with President Biden […]