A report by the U.S. Department of the Treasury warns that climate change will impose significant financial costs on U.S. households. Between 2018 and 2022, weather and climate disasters cost over $617 billion, with 13% of Americans experiencing economic hardship due to severe weather events. The report highlights the risks of pay and benefit disruptions, property destruction, higher consumer product and energy prices, and increased medical expenses. It emphasizes that households, particularly lower-income and vulnerable ones, will bear the brunt of these costs.
Farmers Insurance has announced that it will limit new homeowner insurance policies in California due to rising inflation and increased costs from severe weather events. The decision, effective July 3, is aimed at managing the company's business while serving existing customers. This follows similar moves by Allstate and State Farm in June, who also restricted their insurance offerings in the state. The limitations come after California Insurance Commissioner Ricardo Lara implemented new insurance protections, including increased payouts and benefits for wildfire survivors, to reduce costs and enhance transparency.
The first image captured by EUMETSAT's newest satellite, Meteosat Third Generation - Imager 1 (MTG-I1), shows an extraordinary level of detail of cloud structures over Europe, Africa, and the Atlantic. The higher resolution imagery and more frequent production of images will enable forecasters to detect and predict severe weather events more rapidly and accurately. The satellite and its instruments are undergoing testing, calibration, and validation until late 2023, when the images will be produced every 10 minutes and released operationally for use in weather forecasts.
