Hurricane Idalia could become 2023’s costliest climate disaster for the US

Hurricane Idalia may become the costliest climate disaster in the US this year, with potential damages estimated between $9.36bn and $20bn, highlighting the increasing frequency and severity of weather-related events that are impacting the insurance and risk management industries.

theguardian.com

Relevant topic timeline:

8/30/2023

Oil Prices Rise as Hurricane Idalia Makes Landfall in Florida

Crude prices rise as Hurricane Idalia threatens oil production in the Gulf of Mexico.

8/30/2023

Latest market-sensitive news and views - Aug. 30

Hurricane Idalia's impact, including potential flooding and disruptions to gas prices and oil production, along with rising concerns about low-income Americans struggling with rent and food affordability, are among the key developments highlighted in today's news.

8/31/2023

Florida-only insurers weather Hurricane Idalia amid market pullback

Florida-only insurers like Citizens Property Insurance expect less damage and fewer claims from Hurricane Idalia compared to previous storms, easing concerns of further market pullback, but industry experts still predict challenges for the insurance market and the possibility of increased premiums for customers.

9/4/2023

Private market insured losses from Hurricane Idalia to be $3-5 bln - Moody's RMS

Private market insured losses from Hurricane Idalia are projected to be between $3 billion and $5 billion, with an additional $500 million in losses expected for the National Flood Insurance Program.

9/11/2023

Record-Breaking Weather Disasters Strain Resources as Climate Change Fuels Extreme Events

The United States has already experienced 23 billion-dollar weather and climate disasters in 2021, surpassing the previous record of 22 events in 2020, with a total cost of $57.6 billion and the potential for more to come.

9/12/2023

Record Disasters Show U.S. Struggling to Adapt to Climate Change Effects

A record 23 billion-dollar disasters in the United States so far this year highlight the country's struggle to adapt to the effects of climate change and the limitations of its defenses, with growing costs from disasters reflecting not only global warming but also the limitations of the federal government's efforts to increase resilience and the challenges of implementing stricter building codes.

9/21/2023

Rising Costs of Extreme Weather Linked to Climate Change Top $2.6 Trillion Since 1980

Climate-related disasters in the US since 1980 that exceeded $1 billion in damage have had a profound economic impact, but they don't fully capture the hidden costs, such as mental and physical trauma, environmental damage, and supply-chain disruptions that people are paying for, as extreme weather events become more frequent and intense due to climate change.

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Posted 8/31/2023, 10:00:00 AM

Hurricane Idalia could become 2023’s costliest climate disaster for the US

theguardian.com

Relevant topic timeline:

8/30/2023

Oil Prices Rise as Hurricane Idalia Makes Landfall in Florida

Crude prices rise as Hurricane Idalia threatens oil production in the Gulf of Mexico.

8/30/2023

Latest market-sensitive news and views - Aug. 30

8/31/2023

Florida-only insurers weather Hurricane Idalia amid market pullback

9/4/2023

Private market insured losses from Hurricane Idalia to be $3-5 bln - Moody's RMS

Private market insured losses from Hurricane Idalia are projected to be between $3 billion and $5 billion, with an additional $500 million in losses expected for the National Flood Insurance Program.

9/11/2023

Record-Breaking Weather Disasters Strain Resources as Climate Change Fuels Extreme Events

9/12/2023

Record Disasters Show U.S. Struggling to Adapt to Climate Change Effects

9/21/2023

Rising Costs of Extreme Weather Linked to Climate Change Top $2.6 Trillion Since 1980