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The Latest Breaking News from Munich Re

Munich Re reports wildfire losses but sticks with profit outlook

Germany’s reinsurance giant took a serious hit from the US wildfires, dragging down the company’s property and casualty reinsurance segments and almost halving Munich Re’s net earnings.

Euronews

Deadly LA wildfires to cost over $50 billion in damages, becoming one of the worst natural disasters in U.S. history

The damage is expected to far exceed the $16 billion in economic losses from Maui's wildfires two years ago. Weather now accounts for almost all of the $320 billion in annual natural catastrophe damages worldwide.

Fortune

Nature's Fury Unleashes B Insurance Blow to Global Economy

Munich Re's 2023 insurance loss report reveals astounding billion in damages from quakes and storms. Brace yourself for Mother Nature's costly whims!

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Lloyd’s of London insurers dominate underwriting of fossil fuel projects, study shows

Annual ‘scorecard’ of major firms insuring oil, gas and coal projects puts household names Allianz, Axa, AIG and Aegis in Top 10

The Guardian - UK

Florida governor signs bill opposing ESG

Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism; corporate political engagement; and the Environmental, Social, and Corporate Governance (ESG) trends and events that characterize the growing intersection between business and politics.

Ballotpedia

Michael Pascoe: There’s a quantifiable cost to George Pell’s style of climate denial

There are no Pellsian climate deniers in the insurance industry, haven’t been for many years as the dollar cost of climate change is counted.

The New Daily

US climate disasters racked up $165 billion in damage in 2022

A massive hurricane, a historic drought and 16 other major disasters across the U.S. collectively racked up $165 billion in damages and killed at least 474 people in 2022, according to a National Oceanic and Atmospheric Administration analysis published Tuesday.

Tribune News Service

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Hurricanes and floods bring $120 billion in insurance losses in 2022

Hurricane Ian in the United States and floods and Australia helped to make 2022 one of the costliest years on record for natural disasters, Munich Re said on Tuesday, warning that climate change was making storms more intense and frequent.

Reuters

Hurricanes in the Atlantic inflict $110 billion in losses this year

Hurricanes and tropical storms across the Atlantic caused about $110 billion in damages and losses this year, making it the most destructive season in five years, according to Munich Re, a German multinational insurance company.

Tribune News Service

Some risks too big: Insurers withdraw from fossil projects

Environmental campaigners are welcoming moves by insurance companies to exclude coverage for fossil fuel projects because of climate change

The Independent UK

Seeking a flood-resilient future in SEA

The Asia-Pacific region has been plagued by large-scale natural catastrophes and consequent financial damage in recent years, with total economic losses reaching US$50bn (1.8tn baht) last year according to Munich Re's NatCat (Natural Catastrophes) Service Annual report. Yet, just approximately 17% (US$8.4bn) of those losses were insured, highlighting the large…

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