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Former U.S. Secretary of State Hillary Rodham Clinton delivers remarks during the unveiling of her portrait, at the State Department in Washington, U.S., September 26, 2023. REUTERS/Ken Cedeno/File Photo Acquire Licensing RightsDUBAI, Dec 3 (Reuters) - Former U.S. Secretary of State Hillary Clinton called on Sunday for reform of the insurance sector, where companies are increasingly withdrawing assistance against climate shocks. Lower-income countries and workers in nations most affected by climate change are struggling to access insurance to help protect them from economic shocks. "We need to rethink the insurance industry," Clinton said during a panel on women and climate resiliency. "People in the United States, Europe, they're going to wake up and say, 'What do you mean, I can't get insurance?'"

Persons: Hillary Rodham Clinton, Ken Cedeno, Hillary Clinton, Clinton, it's, Valerie Volcovici, Elizabeth Piper, Katy Daigle, Jan Harvey Organizations: U.S, State Department, REUTERS, Rights, Former U.S, Insurance, Foundation Resilience, Thomson Locations: Washington , U.S, Former, India, U.S, United States, Europe

☆ Extreme heat has cost the global economy $16 trillion on average, research shows
▼ + stars: | 2023-08-03 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

The extreme heat is harming people's health and labor productivity. Newly available economic data and more advanced climate models now make it possible to measure how extreme heat hurts the global economy. "The economic costs of extreme heat do not encompass the totality of the economic costs of climate change," Mankin said. "Average temperatures are rising, so statistically, we are going to have more extreme heat in more places," he said. "What's unique about the extreme heat right now is the number of people it's impacting.

Persons: Justin Mankin, Mankin, Adrienne Arsht Organizations: Service, Dartmouth College, Rockefeller Foundation Resilience, CNN, European Union Locations: . Texas, Southern Europe, North Africa, Italy, Spain, Greece, Tunisia

☆ Scorching summer temperatures could strain the economy even further
▼ + stars: | 2023-07-23 | by ( Alicia Wallace | ) edition.cnn.com time to read: +12 min

“The recent heat waves and scorching summer temperatures demonstrate the economic cost of heat stress,” Chris Lafakis, Moody’s Analytics’ director of economic research, wrote in an emailed response to a CNN query. Moody’s Analytics estimates that chronic physical risk from heat stress could reduce worldwide GDP by up to 17.6% by 2100. The losses are steepest in sectors such as agriculture and construction, but no industry or business is immune, she said. “Every summer we have a stretch [of excessively hot weather], where it might last from four days up to a week,” he said. “We have to look at the potential of our business model shifting to a nine-month facility going forward,” she said.

Persons: Lyn Thomas, there’s, Thomas, she’s, “, it’s, Chris Lafakis, Liliana Salgado, ”, Kathy Baughman McLeod, Adrienne Arsht, Cesar Chavez, Damian Dovarganes, That’s, Jack Vessey wasn’t, He’s, “ It’s, Vessey, Zeyla Alcantara, Patrick Tiseth, Jobs, Ami Feller, I’ve, Los Cerrillos, Harrold Granthan, Bonnie Mendoza, David Wagner, bloodsicles, Mendoza, Zach Fowle, Kyle Ledeboer, ” Fowle, ” They’ve, Justus Swanick, Joshua Graff Zivin, ” Graff Zivin Organizations: Minneapolis CNN, Phoenix, CNN, Reuters Workers, Rockefeller Foundation Resilience, Atlantic Council, Rockefeller, IBEW, Company, Lone Star, Roofer, Saddle Riding Company, Phoenix Zoo, Arizona Wilderness, Arizona Wilderness Brewing, University of California San Locations: Minneapolis, Louisiana, United States, California, Los Angeles, Holtville , California, Imperial County, Texas, New Braunfels, Santa Fe , New Mexico, Los, “, Arizona, Phoenix, University of California San Diego

Climate change drove heat in the city to a record-breaking 48C (118F) in 2016. While traditional insurance can take months to pay, with so-called "parametric" insurance there is no need to prove losses. At annual climate talks in Egypt last year, nonprofits urged richer nations to help finance parametric insurance as a way of compensating victims of worsening weather extremes. At the moment, insurance schemes in the developing world are largely subsidized by nonprofit groups, national governments, or wealthy countries. Insurance payouts allow them to buy things like gloves to protect their hands from scorching hot metal tools, or fans to stay cool and avoid heat exhaustion.

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