extreme weather News

US, Philippines Pay Highest Economic Price for Climate-Fueled Weather

The United States and the Philippines are the countries hit hardest by climate-driven extreme weather, measured as a percentage of their economies, according to a report released Wednesday by global reinsurance giant Swiss Re. The US currently experiences the worst …

Powerful Winds Cause Destruction, Spark Wildfires in Australia’s State of Victoria

Powerful winds have killed a man and brought widespread destruction across Australia’s second-most populous state, leaving 530,000 homes and businesses without power and fanning fires that razed homes and injured five firefighters, officials said on Wednesday. Winds of up to …

Money Managers Try to Put a Price on Climate Risk. It’s Not Easy.

When investors contemplate risk, it’s straightforward to think about measurable economic shifts like rising interest rates, inflation and sales trends. The data are readily available and simple enough to incorporate into financial models. The looming risks from climate change, on …

Startup AiDash Raises $50M for Tech Using AI, Satellites to Spot Wildfire Risk

A California startup using artificial intelligence (AI) and satellites to spot fire and weather risks on power lines, AiDash, reported it had raised $50 million in new funding, reflecting Silicon Valley efforts to create products that help energy companies adapt …

Australia Braces for More Wild Weather in Wake of Ex-Tropical Cyclone Kirrily

Ex-Tropical Cyclone Kirrily has uprooted trees and felled powerlines in Australia’s Queensland state, leaving tens of thousands without electricity or phone service as the state braces for further wild weather into the weekend. The storm has weakened to a tropical …

Cyclone Kirrily Makes Landfall in Australia as Severe Storm

Australia is being lashed by damaging winds and heavy rainfall as Severe Tropical Cyclone Kirrily makes landfall, the biggest system to hit the Queensland coast in almost five years. Kirrily is crossing near Townsville as a Category 3 system, and …

After $70 Billion Hit, Insurers Wake Up to Growing Risks of Severe Convective Storms

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 Australian Resource-Rich Regions Brace for Potentially Destructive Storms

Two Australian resource-rich regions are bracing for potentially damaging storms that could lead to flooding, the latest threats after months of extreme weather events. A tropical low developing in the Coral Sea off Queensland state is likely to become a …

Secondary Perils Drive Global Insured Losses to Estimated $123B in 2023: Gallagher Re

Non-peak (secondary) perils and record-setting weather and climate events drove global insured losses from natural catastrophes to an estimated $123 billion in 2023, the fourth consecutive year to exceed $100 billion, according to Gallagher Re’s annual Natural Catastrophe and Climate …

Extreme Icy Weather Paralyzes Travel in Parts of Europe

Freezing weather in Germany and other parts of Europe threatened widespread road, rail and flight disruptions as the region braced for snowfall and heavy ice build-up. Frankfurt’s airport operator canceled more than half of the flights scheduled for Wednesday, while …