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Jamaica can't tap into catastrophe-bond funds despite Hurricane Beryl's devastation. With climate change on the rise, cat bonds have grown into a hotter investment. But in this case, investors in the country's $150 million asset won't have to pay a dime, the outlet said. The structure of the cat bonds was such that they paid investors 7% above the US Treasury rate. Climate disasters are not always strong enough to trigger cat bond payouts, an expert told Business Insider in October.
Persons: , That's Organizations: Service, Bloomberg, Investments, Treasury, World Bank, Swiss Re Locations: Jamaica, Switzerland
Olive Rowe states, "everything is gone, everything is gone," as she stands in her home that was destroyed when Hurricane Beryl passed through the area on July 05, 2024 in Saint Elizabeth Parish, Jamaica. Hurricane Beryl made landfall in Mexico after passing through Caribbean islands, including Jamaica. Other parts were under tropical storm warnings. "We're expecting the storm to make landfall somewhere on the Texas coast sometime Monday, if the current forecast is correct," said Jack Beven, a senior hurricane specialist at the National Hurricane Center in Miami. It then battered Mexico as a Category 2 hurricane, toppling trees but causing no injuries or deaths before weakening to a tropical storm as it moved across the Yucatan Peninsula.
Persons: Olive Rowe, Hurricane Beryl, Beryl, Sargent, We're, Jack Beven Organizations: Corpus Christi, National Hurricane Center Locations: Saint Elizabeth Parish, Jamaica, Hurricane, Mexico, Caribbean, Gulf of Mexico, Texas, Baffin Bay, Corpus, Houston, Miami, Yucatan, . Texas
CNN —Tropical Storm Beryl will strengthen as it tracks toward the Texas-Mexico border this weekend, bringing a risk of damaging winds, life-threatening storm surge and dangerous flooding to Texas beginning late Sunday. • Hurricane and storm surge watches issued: Hurricane and storm surge watches were extended eastward along the Texas coast Friday night. • Beryl expected to slam South Texas: Beryl is forecast to make landfall over South Padre Island, Texas, close to the Texas-Mexico border, as a Category 1 hurricane late Sunday night, according to the National Hurricane Center. • At least nine dead due to Beryl: Beryl became the earliest Category 5 hurricane in the Atlantic on record earlier this week. Randy Brooks/AFP/Getty Images Brad Reinhart, senior hurricane specialist at the National Hurricane Center in Miami, tracks Hurricane Beryl on Monday.
Persons: It’s, • Beryl, Beryl, Barra el Mezquital, Gov, Dan Patrick, , ” Patrick, ClimaMeter, Vincent, Everton Evanks, Elizabeth, Joe Raedle, Hurricane Beryl, Fernando Llano, Collin Reid, Leo Hudson, Simone Francis, Hurricane, Paola Chiomante, Marco Bello, Jose Luis Gonzalez, Arthur Daniel, Samir Aponte, Ricardo Hernandez, Winston Alleyne, Lucanus, Ricardo Mazalan, Sylvia Small, Matthew Dominick, Chandan Khanna, Randy Brooks, Brad Reinhart, Gilbert Bellamy, Beryl’s, Patrick, Greg Abbott, Rudy Madrid, Connie Scott, Paulette Guajardo, Guajardo Organizations: CNN, National Hurricane Center ., Texas Gulf, National Hurricane Center, Everton, Hurricane, Getty, AP, National, Reuters, Wednesday, Reuters Workers, AP Homes, Petite Martinique, Bridgetown Fisheries, NASA, Gov, Texas Coast, Texas Gov, Sargent, Residents, Facebook, Loyola Beach, National Weather Service, Corpus Christi, Sunday, Corpus Locations: Texas, Mexico, of Mexico, Corpus Christi , Texas, Yucatan, South Texas, The Texas, Rio, San Luis Pass, High, Harris County, Barra el, Rio Grande, South Padre Island , Texas, National Hurricane Center . Texas, Gulf Coast, Texas Gulf Coast, Gulf, Caribbean, Jamaica, Venezuela, Grenada, Saint Vincent, Grenadines, St, Barbados, Elizabeth Parish, Tulum, Kingston , Jamaica, Hurricane, Kingston, Old Harbor, Cancun , Mexico, Playa del Carmen, Union, Kingstown, Lucanus, Petite, Cumanacoa, Santo Domingo, Dominican Republic, Bridgetown, Oistins, Hastings, AFP, Miami, Matagorda County, Matagorda, Palacios, Aransas, RVs, Kleberg County, Baffin Bay, City, Kingsville . Nueces, Corpus, Houston
Beryl moved into the the Gulf of Mexico Friday and took aim at the south Texas coast after battering Mexico's Yucatan Peninsula. Texas officials issued disaster declarations and urge coastal residents to prepare as the storm headed their way. The storm's center Friday afternoon was in the Gulf just off Mexico, about 615 miles (995 kilometers) southeast of Corpus Christi, Texas. Some Texas counties have already issued voluntary evacuation orders in low-lying areas, and Texas officials urged coastal residents to prepare. Beryl spread destruction in Jamaica, St. Vincent and the Grenadines, and Barbados this week.
Persons: Beryl, Tulum, Gov, Dan Patrick, Patrick, Nim Kidd, Storm Alberto, Vincent, Laura Velázquez, Beryl hadn't, Balcaza, Lara Marsters, Andrew Holness, Hurricane Beryl, St Elizabeth, Baga Organizations: U.S, National Hurricane Center, Texas, Storm Locations: Mexico, Texas, Yucatan Peninsula . Texas, Corpus Christi , Texas, Gulf, Rio Grande, Corpus Christi, Northeastern Mexico, Jamaica, St, Grenadines, Barbados, Grenada, Venezuela, Boise , Idaho, Yucatan
A view shows damage caused by Hurricane Beryl on Union Island, Saint Vincent and the Grenadines, in this undated handout picture obtained by Reuters on July 5, 2024. Beryl hit Mexico's Yucatan Peninsula as a Category 2 hurricane on Friday, then weakened to a tropical storm. The hurricane center forecasts it will hit as a strong Category 1 storm, but wrote "this could be conservative if Beryl stays over water longer" than expected. "People in southern Texas now need to really keep an eye on the progress of Beryl," Beven said. Beryl set the record for the earliest Category 4 with winds of at least 130 mph (209 kilometers per hour) — the first-ever category 4 in June.
Persons: Hurricane, Saint Vincent, Beryl, Jack Beven, Jeff Masters, Beven, Brian McNoldy, Phil Klotzbach, Kerry Emanuel doesn't, Klotzbach, Rita, Wilma, Dennis, Miami's McNoldy, Albany's Kristen Corbosiero, Masters, hasn't, Corbosiero, Emanuel Organizations: Reuters, National Hurricane Center, Corpus Christi, Masters, University of Miami, Colorado State University, MIT, Colorado State, University, Miami's, Albany's, Nina Locations: Grenadines, it's Texas, Yucatan, Texas, toasty Gulf of Mexico, Brownsville, Corpus, Gulf, Mexico, Caribbean, Gulf of Mexico, Carriacou, Grenada
Beryl will likely create dangerous rip currents along much of the US Gulf Coast for the holiday weekend. “Life-threatening beach conditions” will begin Friday afternoon and persist through the weekend for the Gulf Coast, the National Hurricane Center warned Thursday morning. “Beachgoers should be extremely wary of these conditions over the holiday weekend,” the National Weather Service in Corpus Christi urged Thursday. Widespread high temperatures in the 90s for the Gulf Coast this weekend will likely have people seeking out said relief. Rip currents can be spotted from the shore but are tricky to see for anyone already in the water.
Persons: Beryl aren’t, Beryl, , CNN’s Sara Smart Organizations: Coast, National Hurricane Center, National Weather Service Locations: Gulf, Corpus Christi, Florida
On Today’s Episode:Labour Party Wins U.K. Election in a Landslide, by Mark Landler, Megan Specia and Stephen CastleMajor Democratic Donors Devise Plans to Pressure Biden to Step Aside, by Kenneth P. Vogel, Theodore Schleifer and Lauren HirschHurricane Beryl Gains Strength as It Bears Down on Yucatán, by Jovan Johnson, Emiliano Rodríguez Mega and Eric NagourneyF.B.I. and Justice Department Open Criminal Investigation in Chinese Doping Case, by Michael S. Schmidt and Tariq Panja
Persons: Mark Landler, Megan Specia, Stephen, Kenneth P, Vogel, Theodore Schleifer, Lauren Hirsch, Jovan Johnson, Emiliano Rodríguez Mega, Eric Nagourney F.B.I, Michael S, Schmidt, Tariq Panja Organizations: Labour, Stephen Castle Major Democratic, Biden, Justice, Investigation
Beryl is set to emerge in the Gulf of Mexico this weekend after it roars through the Caribbean and Mexico’s Yucatán Peninsula. The National Hurricane Center’s forecast calls for Beryl to restrengthen as it tracks across the southwestern Gulf of Mexico this weekend. It will then push toward Mexico’s coast and make landfall Sunday night in far northeastern Mexico. Anyone from Mexico’s eastern Gulf Coast to Texas and even Louisiana should keep a close watch on the forecast in the coming days. Even if Beryl makes landfall in northeastern Mexico, wind and rain from the cyclone will likely impact parts of the US’s Gulf Coast.
Persons: Beryl, restrengthen Locations: Gulf of Mexico, Caribbean, Mexico, Gulf, Texas, Gulf Coast, Louisiana
Hurricane Beryl, the earliest Category 5 hurricane ever recorded in the Atlantic, tore through a new swath of the Caribbean, where it had left islands flattened and communities inundated, then continued toward Mexico on Thursday. In Jamaica, residents who emerged from shelters took in a landscape of farmland that had been devastated, homes that had sustained damage and roads that were covered with toppled utility poles and foliage. “The whole place mash up,” Steve Taylor, a resident of the low-lying coastal town of Mitchell Town, told a local television station. St. Elizabeth, a farming region known as the country’s bread basket, was hit particularly hard. “Southwest St. Elizabeth is facing complete devastation,” said Jamaica’s agriculture minister, Floyd Green.
Persons: ” Steve Taylor, Elizabeth, , Floyd Green Locations: Caribbean, Mexico, Jamaica, Mitchell, St
According to major forecasts, it looks like it’s going to be an above-average hurricane season. An average Atlantic hurricane season has 14 named storms, including seven hurricanes and three major hurricanes. In 2020, the May forecast was for 13 to 19 named storms, but an updated forecast for August was even higher, with 19 to 25 named storms. This region, from West Africa to Central America, is hotter this year than it was before the start of last year’s hurricane season, which produced 20 named storms. The possibility of a La Niña, combined with record sea surface temperatures this hurricane season, is expected to create a robust environment this year for storms to form and intensify.
Persons: Judson Jones, Rick Spinrad, Idalia, Zack Wittman, Alberto, William, Damon Winter, Brian McNoldy, , Phil Klotzbach, Benjamin Kirtman, Waters, Niño, El, Michelle L’Heureux Organizations: The New York Times, National Oceanic, Atmospheric Administration, NOAA, Hurricane Idalia, National Weather Service, New York Times NOAA, University of Miami, Colorado State University, El Locations: Florida’s Big Bend, America, Fort Myers Beach, Fla, West Africa, Central America, El
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Photos this week: June 27-July 4, 2024
  + stars: | 2024-07-04 | by ( Emmalee Reed | ) edition.cnn.com   time to read: 1 min
Hurricane Beryl, which tore through Caribbean islands this week, became the earliest Category 5 hurricane ever recorded in the Atlantic. A Category 5 is the highest on the Saffir-Simpson scale, with sustained winds of 157 mph or greater. But it was only the second Category 5 to ever be recorded in the Atlantic in the month of July. The storm’s strength has been fed by abnormally warm ocean waters driven by planet-warming fossil fuel pollution. Here are some of the stories that made headlines over the past week, as well as some photos that caught our eye.
Persons: ” Jim Kossin Organizations: Hurricanes, Street Foundation, CNN Locations: Yucatan
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According to major forecasts, it looks like it’s going to be an above-average hurricane season. Those could include four to seven major hurricanes — Category 3 or higher — with winds of at least 111 m.p.h. An average Atlantic hurricane season has 14 named storms, including seven hurricanes and three major hurricanes. In 2020, the May forecast was for 13 to 19 named storms, but an updated forecast for August was even higher, with 19 to 25 named storms. This region, from West Africa to Central America, is hotter this year than it was before the start of last year’s hurricane season, which produced 20 named storms.
Persons: Judson Jones, Rick Spinrad, Idalia, Zack Wittman, Alberto, William, Damon Winter, Brian McNoldy, , Phil Klotzbach, Benjamin Kirtman, Waters, Niño, El, Michelle L’Heureux Organizations: The New York Times, National Oceanic, Atmospheric Administration, NOAA, Hurricane Idalia, National Weather Service, New York Times NOAA, University of Miami, Colorado State University, El Locations: Florida’s Big Bend, America, Fort Myers Beach, Fla, West Africa, Central America, El
Jamaica was hammered by a surge of water, damaging winds and flooding rainfall on Wednesday as Hurricane Beryl delivered a glancing blow when it passed just south of the coast, claiming at least one life on the island. The effects of the storm, a Category 4, struck Jamaica just days after it swept through the eastern Caribbean, killing at least seven other people. Ahead of the hurricane, Jamaica closed its airports and issued an evacuation order for low-lying and flood-prone areas. The storm was the strongest to approach the island in over a decade. The last time a major hurricane passed within 70 miles of Jamaica was in 2007, and it has been even longer since one made landfall.
Persons: Beryl, , Dickon Mitchell Organizations: Petite Locations: Jamaica, Caribbean, Carriacou, Petite Martinique, Grenada
Brad Reinhart, Senior Hurricane Specialist at the National Hurricane Center, works on tracking Hurricane Beryl, the first hurricane of the 2024 season, at the National Hurricane Center on July 01, 2024 in Miami, Florida. Hurricane Beryl has been declared the strongest-ever hurricane in July, breaking the latest in a series of records as it causes widespread destruction in the Caribbean. On Monday, Beryl was declared a Category 5 hurricane — the highest rating on the SAFFIR-SIMPSON Hurricane Scale, declared when winds top 155 miles per hour. The National Oceanic and Atmospheric Administration (NOAA) previously forecast an 85% chance of an "above-normal" 2024 hurricane season in the Atlantic. Four to seven of these are projected as likely to develop into major hurricanes, compared with an average of three.
Persons: Brad Reinhart, Hurricane Beryl, Beryl, El Organizations: National Hurricane Center, Atmospheric Administration, NOAA, Southern Locations: Miami , Florida, Hurricane, Caribbean
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBabin: 2025 will be ugly for the oil markets as demand dynamics shiftRebecca Babin, Senior Energy Trader at CIBC Private Wealth, discusses oil prices in response to the summer driving season and Hurricane Beryl.
Persons: Rebecca Babin Organizations: Senior Energy, CIBC Private Wealth
Officials in Grenada were scrambling on Wednesday to set up a field hospital after Hurricane Beryl ravaged nearly all the buildings on the nation’s island of Carriacou, including its lone hospital. “This rendered the facility basically unusable,” Dr. Shawn Charles, the Grenada health ministry’s chief medical officer, said at a news conference on Wednesday. But with the island still without power, officials said the extent of potential casualties was difficult to assess. Officials plan to set up a field hospital that the United States donated two years ago to help Grenada deal with the Covid-19 pandemic and natural disasters. Dr. Charles said officials were “working on the logistics of preparing the field hospital for setup.”
Persons: Hurricane Beryl, Princess Royal, Beryl, Dr, Shawn Charles, Charles Locations: Grenada, Hurricane, Carriacou, Carriacou’s, United States
Crude oil futures held firm on Wednesday as traders waited for the latest round of U.S. inventory data for signs of whether gasoline demand is picking up. U.S. crude oil gained about 6% last month on expectations of a tighter third quarter with stockpiles forecast to draw down as summer fuel demand picked up. The Department of Energy will release the latest U.S. crude oil and gasoline stockpiles data at 10:30 a.m. Here are today's energy prices:Hurricane Beryl is barreling across the Caribbean and could hit the Texas Gulf Coast as a tropical storm on Saturday. "We used to think about hurricanes as unquestionably a potential bullish near-term development for oil markets, now the picture is not so clear," Croft told CNBC's "Last Call" on Tuesday evening.
Persons: Beryl, Helima Croft, Croft, CNBC's Organizations: Department, Energy, AAA, Texas Gulf, National Hurricane, RBC Capital Markets Locations: Caribbean, Texas Gulf Coast, U.S
In today's big story, a tough sales report for Tesla can't slow the EV maker's turnaround . After a dreadful start to the year, the EV maker has been running on all cylinders on a full charge. Tesla's polarizing CEO also notched a massive victory when investors approved Elon Musk's $55 billion pay plan . But what is new at Tesla, and what sparked the company's recent market rally, are big promises from its CEO. As automakers reconsider their EV strategy , Tesla has figured out how to build cars cheaper than anyone else .
Persons: , I'm, Tesla, Jordan Strauss, Chelsea Jia Feng, Insider's Nora Naughton, BI's Filip De Mott, hasn't, Karol Serewis, Musk's, Nora, it's, he's, Musk, Apu Gomes, Steve Cohen's Point72, Ken Griffin's, Mark O'Hare, Larry Fink, execs, Marc Benioff, trouncing, It's, Jenny Chang, Rodriguez, they've, Morgan Stanley, Beryl, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, Business, Chelsea, Wall, Elon Musk's, Getty Images, Getty, Ken Griffin's Citadel, BlackRock, EU, Google, YouTube Locations: Wick, Jamaica, New York, London
CFRA recommends investing in insurance stocks ahead of what's expected to be a busy hurricane season. AdvertisementThe prospects for a highly active US hurricane season means investors should snap up shares in a quiet corner of the stock market: insurance companies. At the same time, an active hurricane season could be disruptive to the homeowners and commercial property markets. For Berkshire Hathaway, CFRA reiterated its $472 price target for Class B shares, representing potential upside of 16% from current levels. Berkshire Hathaway's insurance and reinsurance operations include GEICO, Berkshire Hathaway Primary Group, General Re, National Indemnity, and Alleghany.
Persons: CFRA, Berkshire Hathaway, , Hurricane Beryl, Arthur J, Gallagher Organizations: Colorado State University, American International Group, Arch Capital Group, Service, Colorado State University's Department of Atmospheric Science, Berkshire, Berkshire Hathaway Primary, General Re, Indemnity Locations: Berkshire, Caribbean, Gulf of Mexico, Yucatan, GEICO, Alleghany
Fourth of July gas prices are set for a three-year low
  + stars: | 2024-07-03 | by ( Matt Egan | ) edition.cnn.com   time to read: +1 min
GasBuddy projects the national average price for regular gas will stand at $3.49 a gallon on Independence Day. That’s a penny shy of the price a year ago and down sharply from $4.79 two years ago when oil prices spiked after Russia invaded Ukraine. Adjusted for inflation, US gas prices are almost exactly where they were in July 2018, according to federal data. The drop in gas prices comes despite what’s expected to be strong demand for fuel. Although gas prices are down from April, hurricane season could change that.
Persons: That’s, GasBuddy, what’s, Beryl — Organizations: CNN, Drivers, AAA Locations: Russia, Ukraine, Washington, Oregon, Utah, Colorado, Covid
Hurricane Beryl, which devastated islands in Grenada on Tuesday and is now heading toward Jamaica and the Cayman Islands, has broken records as the earliest hurricane ever to reach Category 4 and Category 5 intensity in the Atlantic Basin. Wind speeds of at least 160 miles per hour were recorded on Monday. “There are so many superlatives to describe Hurricane Beryl given the time of year, the location and the strength,” said Jonathan Zawislak, a meteorologist and flight director for the National Oceanic and Atmospheric Administration. Dr. Zawislak is a hurricane hunter, the title held by about 30 to 40 scientists, data crunchers and pilots based in Lakeland, Fla., who fly into hurricanes on three airplanes nicknamed Gonzo, Kermit and Miss Piggy. Both Kermit and Miss Piggy are equipped with Doppler radar on their bellies and tails that scientists use to create 3-D images of the storm.
Persons: Beryl, , Jonathan Zawislak, Zawislak, Kermit, Miss Piggy Organizations: National Oceanic, Atmospheric Administration Locations: Grenada, Jamaica, Cayman Islands, Lakeland, Fla
American newlyweds Casey and Warner Haley traveled to Montego Bay, Jamaica, for their honeymoon. The airport looked “like a scene out of a doomsday movie” Casey Haley wrote in a Facebook post. Food was running out at the grocery store and lines were “backing up to the back of the store,” Warner Haley said. “So we just had to go back to the resort and buy all the supplies we could from the gift shop,” Warner Haley said. What’s going to happen is what’s going to happen.
Persons: Casey, Warner Haley, , ” Casey Haley, Casey Haley, , ” Warner Haley, We’re Organizations: Sangster, CNN, Food Locations: Montego Bay, Jamaica
Hurricane Beryl is tearing through the Caribbean after making history as the earliest Category 5 hurricane ever recorded in the Atlantic hurricane season. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account?
Organizations: Atlantic, Business
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