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☆ Hurricane winds will get stronger in states like Illinois and Tennessee, threatening more properties
▼ + stars: | 2023-02-27 | by ( Emma Newburger | ) www.cnbc.com time to read: +1 min

Researchers also estimated the U.S. could experience an annual loss of $18.5 billion from hurricane-force winds that would eventually rise to $20 billion in 2053. The mid-Atlantic region will experience the largest rise in maximum wind speeds, the report found. Inland states including Illinois, Kentucky and Tennessee could see wind speeds rise from 87 mph to 97 mph during strong hurricanes. Residents in these states will likely be less prepared for future hikes in wind speeds, the report added. The projections also show that areas of Maryland, New Jersey, New York and Virginia are at greater risk of destructive storm winds.

☆ Munich Re Q4 profit up 74%, surpasses full-year target
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 23 (Reuters) - The German reinsurer Munich Re (MUVGn.DE) on Thursday said it posted a 74% rise in net profit in the fourth quarter, helping it surpass a full-year earnings target despite claims related to the war in Ukraine. 2022 was a challenging year for insurers, which also faced claims from Hurricane Ian in Florida, pandemic losses and high inflation. Net profit in the fourth quarter of 1.516 billion euros ($1.61 billion) compares with 871 million euros a year ago. 2022 profit of 3.419 billion euros was up from 2.932 billion a year earlier and greater than the 3.294 billion euros that analysts had expected. Munich Re had targeted 3.3 billion euros.

☆ Stocks making the biggest moves midday: Home Depot, DocuSign, General Mills and more
▼ + stars: | 2023-02-21 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Home Depot also provided a muted outlook for fiscal 2023 and expects sales growth to be approximately flat due to a tougher consumer backdrop and a pivot away from goods toward services. Nordson reported sales of $610.5 million in the period and earnings per share of $1.95, excluding items. The company reported quarterly earnings of $1.30 per share, excluding items. That result beat analysts' earnings expectations of $1.07 per share, according to FactSet. The updated outlook includes organic net sales growth of about 10% and adjusted diluted per-share earnings growth of 7% to 8% in constant currency.

☆ Travel demand is hot, but some prices may cool: These are the stocks for spring break and beyond
▼ + stars: | 2023-02-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +9 min

Last week, Hilton Worldwide CEO Chris Nassetta said, "The demand trends here and now are really strong." In the home-rental space, Airbnb also said it was seeing continued strong demand at the start of 2023. China's reopening from its Covid lockdown is also helping propel travel demand, as well as the tick up in business travel, she said. "The trends have been really strong since January," he said. Airlines like Delta, American Airlines and United Airlines cited strong travel demand and higher fares for fueling their strong fourth-quarter earnings — as well as for forecasts for this year.

☆ The US economy needs immigrants. A rising share of both Democrats and Republicans don't want them.
▼ + stars: | 2023-02-14 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

But a growing share of both Democrats and Republicans wants less immigration. This sentiment could be in response to the rise of migrants at the southern border in recent years. But a rising share of both Democrats and Republicans want the country to reduce immigration. After plummeting during 2020 due to the pandemic, the US Border Patrol reported a record-high nearly 1.7 million encounters with migrants at the US-Mexico border in 2021. Last year, a new record was set with over 2 million encounters.

☆ Biden doubles down on needling Republicans over proposed Social Security and Medicare cuts: 'I'm your nightmare'
▼ + stars: | 2023-02-09 | by ( Kimberly Leonard | Warren Rojas | ) www.businessinsider.com time to read: +11 min

"I guess I shouldn't say any more," he said, "but particularly on Social Security and Medicare." Rubio, who is in the rumored mix for the 2024 GOP nomination, said anybody who supports slashing Social Security or Medicare is delusional. "You have to listen to what the president said the last couple of years about protecting and fighting for Medicare and Social Security." "I've never ever said I would reduce Medicare or Social Security benefits. As for Social Security, its trust funds are expected to be insolvent by 2035, which would trigger 20% in cuts across the board.

☆ Orange juice prices soar to record highs as recent hurricanes plunge Florida's expected production haul to lowest since the 1930s
▼ + stars: | 2023-02-09 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Orange juice prices have soared 30% year-to-date to record highs after recent hurricanes hampered production. And over the past year, futures contracts that are tied to orange juice concentrate have nearly doubled. The US Department of Agriculture expects this year's orange production to fall to its lowest haul since the 1930s. Orange juice futures are up 87% from a year ago, when they traded at about $1.40 per pound. Florida orange production has plummeted more than 90% from the peak seen in the late 1990s.

☆ Comcast Loses Broadband Users, Gains Five Million Peacock Subscribers
▼ + stars: | 2023-01-26 | by ( Patience Haggin | ) www.wsj.com time to read: 1 min

Comcast has spent heavily in an effort to grow its streaming service. Comcast Corp. said its Peacock streaming service grew its paying-customer base by a third in a single quarter but lost nearly $1 billion over the period, contributing to a decline in profitability at its media unit. The cable and entertainment giant also lost broadband subscribers last quarter, due in part to continued disruptions caused by Hurricane Ian, which destroyed swaths of Florida last fall.

Total revenue rose 0.7% to $30.55 billion in the quarter. Cable revenue grew 1.4% to $16.64 billion, narrowly missing analysts' estimates of $16.67 billion. Comcast lost 440,000 video subscribers in the quarter, fewer than Factset's estimated loss of 548,000, as the trend of cable TV cord-cutting continued. The company also lost 26,000 broadband customers in the quarter, compared with Factset's estimated loss of 40,000 customers. NBCU advertising sales grew 4% to $2.86 billion, and theme parks revenue grew 12% to $2.11 billion.

☆ Comcast beats expectations even as broadband growth slows, Peacock racks up losses
▼ + stars: | 2023-01-26 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Comcast on Thursday reported fourth quarter earnings that topped analyst expectations despite persistent softness in broadband subscriber growth and mounting losses from its streaming service, Peacock. The company's top-line growth was fueled by higher revenue from its broadband and wireless businesses, as well as its theme parks segment. Here's how Comcast performed, compared to estimates from analysts surveyed by Refinitiv:Earnings per share : 82 cents, adjusted, vs. 77 cents expected: 82 cents, adjusted, vs. 77 cents expected Revenue: $30.55 billion vs. $30.32 billion expected. Yet even that number was a sign that cable broadband subscriber growth has slowed – especially compared to the early days of the pandemic. Still, Comcast's broadband subscriber base has remained stable and revenue for the segment increased nearly 6% during the quarter due in part to price hikes.

☆ Natural disasters caused $313 bln economic loss in 2022 - Aon
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

Jan 25 (Reuters) - Natural disasters, many driven by climate change, caused global economic losses of $313 billion in 2022, insurance broker Aon (AON.N) estimated on Wednesday, of which less than half was insured. Losses from natural catastrophes covered by the insurance sector amounted to $132 billion, 57% above the 21st-century average, it added, leaving a global 'protection gap' of 58%. Hurricane Ian is the second most expensive natural disaster the insurance sector has ever faced. Aon estimated about 31,300 people died due to natural catastrophe events in 2022, of which about two thirds were linked to severe heatwaves in Europe between June and July. Similarly, in Pakistan the monsoon season caused 175% above-average precipitation from July to September, said Aon citing the local Meteorological Department.

☆ Florida man and Insider global editor-in-chief Nich Carlson wondered what the heck was going on in his home state. Sunshine State readers unloaded on him.
▼ + stars: | 2023-01-25 | by ( Jacob Zinkula | Kelsey Neubauer | ) www.businessinsider.com time to read: +7 min

They expressed polarizing opinions about the state's housing, taxes, weather, politics, and more. Rising housing costs and traffic, for instance, drew almost universal disdain, while opinions on the state's weather, politics, taxes, and overall cost of living were mixed and highly polarized. Insider's Global Editor-in-Chief Nicholas Carlson (left), who grew up in Tampa, at a Tampa Bay Buccaneers game in January 2022. The state's politics are unsurprisingly divisiveFlorida Governor Ron DeSantis at a press conference after Hurricane Ian passed through the Cape Coral area. Joe Raedle/Getty ImagesSome Floridians love the state's politics, some aren't fans, and some don't care all that much.

☆ Months After Hurricane Ian Hit Florida, Many in Fort Myers Are Living in Tents
▼ + stars: | 2023-01-24 | by ( Deborah Acosta | Photographs Marco Bello For The Wall Street Journal | ) www.wsj.com time to read: 1 min

People in Fort Myers, Fla., are scrambling to find a place to live after Hurricane Ian ravaged the area in September, compelling some residents to camp in places where their homes once stood. The storm made impact in southwest Florida, destroying 5,000 homes and severely damaging another 30,000, according to data firm CoStar Group Inc. The destruction forced many families that want to stay in the area to seek temporary accommodations. They are often competing with the construction workers who swarmed the area to help with restoration efforts.

☆ Meet Brian Sodre, the Florida developer using prefab technology to replace hurricane-ravaged Fort Myers homes with 750-square-foot tiny fortresses
▼ + stars: | 2023-01-19 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

Brian Sodre is helping Fort Myers, Florida, rebuild with prefabricated tiny homes. prefabricated tiny homes. Sodre says prefab tiny homes can ease the housing-affordability crisis in Fort Myers and beyond. Courtesy of Brian SodreMiniopolis is already set to build eight different made-to-order homes in the Fort Myers area. The typical home in Fort Myers goes for nearly $397,000, up 16.7% from the same time last year, according to Realtor.com .

☆ Missing Hurricane Ian victim found dead on sunken sailboat months after storm
▼ + stars: | 2023-01-16 | by ( Chantal Da Silva | Chantal Da Silva Is A Breaking News Editor For Nbc News Digital Based In London. | ) www.nbcnews.com time to read: +3 min

The body of a Florida man who went missing during Hurricane Ian in September has been found on a sunken sailboat months after the storm. The Lee County Sheriff’s Office announced Sunday that Hurst's body had been found on a sunken sailboat, "Good Girl," that had been located by divers in Matanzas Pass in Fort Myers Beach. During efforts to recover the vessel, human remains were found on the boat, Marceno announced. Friday's discovery came just days after the body of an 82-year-old Florida woman who also went missing during Hurricane Ian was recovered on Tuesday. Knes had lived in Fort Myers Beach with her husband, who had previously been found dead, with the area being "completely destroyed" when the Category 4 storm hit Florida.

☆ 82-year-old Hurricane Ian victim found dead in Fort Myers Beach more than 3 months after storm
▼ + stars: | 2023-01-13 | by ( Minyvonne Burke | Minyvonne Burke Is A Senior Breaking News Reporter For Nbc News. | ) www.nbcnews.com time to read: +1 min

The body of an 82-year-old Florida woman who went missing in September during Hurricane Ian was recovered Tuesday, the Lee County Sheriff's Office said. A contract debris removal company cleaning an area near Fort Myers Beach found the remains of Ilonka Knes "deep within the mangroves," Sheriff Carmine Marceno said at a news conference Thursday. Lee County Sheriff's Office"These areas are impassable by boat and they’re not visible by the air," he said. Knes lived in Fort Myers Beach with her husband, who had previously been found dead. One man, James "Denny" Hurst, remains missing.

☆ Reinsurers Getting Some Shelter From the Storms
▼ + stars: | 2023-01-12 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

The reinsurance industry has been caught up in storm after storm in recent years. This year, it may get an umbrella. Last year, weather-related events including Florida’s Hurricane Ian caused claims of about $120 billion for insurers, making it the third-costliest year for weather catastrophes, according to Fitch Ratings estimates. But the silver lining for the reinsurers that backstop a lot of catastrophe risk for other insurers is that—finally—their rates and terms may be able to significantly adjust to better reflect the elevated frequency and severity of losses in a changing climate.

The United States experienced 18 extreme weather events last year that each caused at least $1 billion in damages, according to a report released Tuesday by the National Oceanic and Atmospheric Administration. Weather and climate disasters across the country resulted in more than $165 billion in damages in 2022, making it the third-costliest year on record, NOAA officials said. Despite a slow start to last year's hurricane season, three storms resulted in at least $1 billion in damages: Hurricane Fiona, Hurricane Ian and Hurricane Nicole. Hurricane Ian, which slammed into southwestern Florida in late September and caused widespread destruction, resulted in nearly $113 billion in damages, the report found. NOAA’s findings offer a glimpse of the major toll that extreme weather events are already having and the country’s vulnerability to climate disasters in the future.

☆ Tornadoes, Hurricanes and Wildfires Racked Up $165 Billion in Disaster Damage in 2022
▼ + stars: | 2023-01-10 | by ( Nidhi Subbaraman | ) www.wsj.com time to read: 1 min

The U.S. experienced an average hurricane season, and though among the warmer years on record, 2022 didn’t break temperature records for the country as a whole, federal climate scientists said Tuesday. But a series of big disasters, including the deadly Hurricane Ian, pushed damage costs from extreme weather events to about $165 billion. In its annual national climate assessment, the National Oceanic and Atmospheric Administration listed drought in the western U.S., early and swift-moving wildfires in Alaska, and Hurricane Ian’s extensive destruction among the record-setting events of last year.

☆ People buying homes on Florida's flood-prone coasts will likely have trouble selling in the future, Redfin CEO said
▼ + stars: | 2023-01-10 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Climate change is spurring tropical storms in Florida, putting coastal cities at more risk for flooding. Glenn Kelman, Redfin's CEO, said homeowners in flood zones will have trouble selling to regular buyers. Glenn Kelman, the CEO of real estate brokerage Redfin, said it's a problem that is likely to escalate as climate change ramps up. According to Kelman, investors are stepping in because they are the only ones that have the cash and can "withstand the risk posed by climate change." "I visited the Tampa Bay area right after Hurricane Ian hit just to check on the welfare of our own employees.

Losses from natural catastrophes covered by insurance totalled around $120 billion last year, similar to 2021, though short of 2017's record damages, Munich Re (MUVGn.DE), the world's largest reinsurer, said. Annual insured losses of $100 billion appear to be "the new normal", he said. Total losses from natural catastrophes, including those not covered by insurance, were $270 billion in 2022. The United States once again accounted for a big portion of the losses with Hurricane Ian, which hit Florida in September, causing $60 billion of insured damages and $100 billion in total losses. Floods in Australia early in the year and again in October resulted in $4.7 billion in insured damages and $8.1 billion overall.

☆ 6 reasons why moving to Florida can be a major disappointment, from surprisingly high tax bills to severe storms that 'should be an eye opener'
▼ + stars: | 2023-01-09 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

"The appreciation rates that we've seen in South Florida have been much higher than the national average," Bordenaro said. Newcomers moving to Florida have also been shocked at property tax bills that are higher than they expected, Insider's Kelsey Neubauer reported. Because of rising sea levels, many homes in South Florida are at a higher risk for disaster, which makes it more expensive to insure them. According to Bordenaro, Miami is attempting to alleviate the traffic issue by constructing more lanes and new exits, but the going road work only leads to more traffic. "Depending on where you come from, it can be tough to make friends with the locals," Bordenaro said.

☆ Reinsurers cut Russia, Ukraine from policies on Jan 1 -broker
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 3 (Reuters) - Reinsurers are excluding Russia, Ukraine and Belarus from policies offered to their insurance clients and cutting back their exposure to U.S. hurricanes, a report from reinsurance broker Gallagher Re (AJG.N) showed on Tuesday. Reinsurers insure insurers and Jan. 1 is the most important date in the calendar for policy renewals. Some insurers have already backed away from providing cover in Russia, Ukraine and Belarus due to risk of sanctions or of steep losses. Without reinsurance, insurers are likely to be even more reluctant to provide cover for Russia or Ukraine, industry sources say. Aviation reinsurance rates rose by as much as 200% on Jan. 1 for some types of business, Gallagher Re said.

☆ Flash floods inundate highways in the Bay Area and the Midwest is under winter weather watch as extreme weather hits parts of US to start 2023
▼ + stars: | 2023-01-01 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

A major highway was shut down in the Bay Area on New Years Eve after heavy rains led to flooding. Meanwhile, the Midwest and Plains region is under a winter weather watch as storm moves east. This is the 2nd major weather event since Christmas, when Winter Storm Elliot tore through the US. Since Saturday morning, about six miles of Interstate 580 in the Bay Area near Oakland has remained closed due to flooding, the San Francisco Gate reports. Another one is expected in the Bay Area on January 2, the San Francisco Gate reported.

☆ Some Florida homeowners have to wait a year to fix hurricane damage, and that's only one of the many struggles they face
▼ + stars: | 2022-12-31 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

Hurricane Ian was the second-costliest hurricane in US history, causing up to $65 billion in damage. Florida homeowners face other challenges, too, from rising insurance costs to suffering home values. In December, about three months after Hurricane Ian struck the Gulf Coast of Florida, the sounds of construction rung out in one community. Meanwhile, roofers are overstretched, said Mike Silvers, the director of technical services of the Florida Roofing and Sheet Metal Contractors Association. Out-of-state contractors both have to learn Florida's code and become licensed in the state in order to do any roofing work.

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