When Hurricane Michael hit the Florida Panhandle five years ago, it left boats, cars and trucks piled up to the windows of Bonny Paulson`s home in the tiny coastal community of Mexico Beach, Florida, even though the house rests on …
As bond markets everywhere get battered by a cocktail of higher interest rates, deficit angst and hawkish central bankers, one class of debt instrument is handing creditors double-digit returns: catastrophe bonds. Investors in the $40 billion market for so-called cat …
Global economic losses could reach $5 trillion under a “plausible increase” in extreme weather events linked to climate change that cause crop failures and food and water shortages, insurance marketplace Lloyd’s of London said on Wednesday. Lloyd’s, which carried out …
A little over a year ago, Peter Gardner, a Louisiana developer, completed rehabbing an apartment building with 144 units and got a surprise so ugly it made him decide to move his business out of town. When the project began, …
Hurricane Idalia is gathering force in advance of a landfall on Florida’s west coast, where it could drive a deadly wall of water into the shoreline, snap trees and cause widespread power outages. Idalia’s winds topped 85 miles (137 kilometers) …
Property and casualty insurer RLI Corp said on Wednesday it expects to record pretax net catastrophe losses of between $65 million and $75 million from Hawaiian wildfires in the third quarter of 2023. Wildfires earlier this month on Hawaii’s Maui, …
Crews worked to dig roads, buildings and care home residents out of the mud across a wide swath of Southwestern U.S. desert Monday, as the first tropical storm to hit Southern California in 84 years headed north, prompting flood watches …
Growing extreme-weather risks mean President Joe Biden’s expected request for billions in extra disaster-relief funding might not be enough for the next fiscal year, FEMA head Deanne Criswell said. Biden’s roughly $12 billion request would cover the spending year ending …
The remnants of Tropical Storm Hilary pummeled California with flooding rains on Monday, disrupting flights and knocking out power across parts of the state. About 41,000 customers were without electricity as of 7:15 a.m. local time, according to PowerOutage.us. More …
COPENHAGEN, Denmark (AP) — A dam in southern Norway partially burst Wednesday following days of heavy rain that triggered landslides and flooding in the mountainous region and forced downstream communities to evacuate, officials said. Authorities initially considered blowing up part …