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Insurers braced for losses as Hurricane Beryl breaks records

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Insurers braced for losses as Hurricane Beryl breaks records

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Insurers are bracing themselves for large losses from the Atlantic hurricane season as record-breaking Hurricane Beryl fuels fears that warming oceans will lead to more destructive storms.

Beryl, which is expected to hit Jamaica on Wednesday, became the first Atlantic hurricane this early in the year to develop into a category five storm, the most severe.

Its magnitude and arrival so early in the region’s hurricane season, which starts in June, peaks in August and September and runs until November, has already hit shares of some insurers and reinsurers.

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“It’s being felt that we are overdue for a bad season,” Stephen Catlin, executive chair at insurer Convex and a veteran of the insurance market, told the Financial Times. “Having an early hurricane of this magnitude suggests that might be the case.”

A variety of factors contribute to the intensity of hurricanes, but climate scientists have highlighted the effects of warming oceans and rising sea levels. The head of the UN’s climate arm said climate change was “pushing disasters to record-breaking new levels of destruction”.

Meteorologists at AccuWeather said the storm could bring “significant flooding, coastal inundation, and wind damage” to Jamaica, after it caused widespread damage in Grenada and St Vincent and the Grenadines, and left several people dead. 

The insurance industry was already expecting a busier hurricane season after a quieter 2023. In May, the US National Oceanic and Atmospheric Administration warned that there was an 85 per cent higher chance of an above-average Atlantic hurricane season, citing several factors including warmer oceans. 

Steve Bowen, chief science officer at reinsurance broker Gallagher Re, said it was a “remarkable, concerning, and ominous start” to the Atlantic hurricane season and should be a “massive wake-up call” on the outlook for losses.

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Bowen said we were seeing the results of ocean waters that were “as warm in June as they typically should be in September”, which for storms provide “proverbial rocket fuel”.

While any financial losses from Beryl’s impact on Jamaica are expected to be manageable, industry executives said the storm’s future path remained unclear. It has since been downgraded to a category 4 storm.

“It could continue west into Mexico, or curve into the Gulf and then on to the US,” noted analysts at Twelve Capital. Hurricane Harvey in 2017, one of the costliest US storms, struck the Caribbean before heading into the Gulf of Mexico and making landfall at Texas. 

It is too early for reliable estimates of insurance claims, but attention is focused on the Caribbean public-backed risk pools and catastrophe bonds, a form of reinsurance where risks are shared with investors.

Last month, the World Bank renewed its $150mn catastrophe bond covering Jamaica against big named storms, which if triggered would mean some losses for investors.

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How the Atlantic hurricane season unfolds will be critical to the path of prices in the global property reinsurance market, which property insurers use to lay off their risks. Prices have surged in recent years.

Robert Muir-Wood, chief research officer for insurance at rating agency Moody’s, said there was now “every indication this is an intense hurricane season likely to break more records”.
 

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Multiple people shot near street festival in Toledo, Ohio, authorities say

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Multiple people shot near street festival in Toledo, Ohio, authorities say

A shooting near a community festival in Toledo, Ohio, wounded at least 12 people on Saturday, with police saying a search for the suspects was ongoing.

Two of the wounded were in a critical condition, Toledo deputy police chief Joe Heffernan said. He said it appeared there were at least two people firing weapons who were “probably shooting at each other”.

The Toledo police department said the shooting happened near the Old West End festival, an annual gathering of live music and home tours in a historic district of the city.

Police investigate where multiple people were shot at a community festival in Toledo, Ohio. Photograph: Paul Sancya/AP

The department said an active search was under way for those responsible.

“I am deeply concerned about the situation in Toledo tonight,” Ohio governor Mike DeWine said in a statement. “Summer festivals should be safe spaces for families to spend time together without fear of violence.”

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Multiple videos posted to social media showed people running over the sound of gunshots and emergency officials tending to others who appeared wounded.

Kevin Berry said he was sitting in the neighbourhood arboretum listening to live music with his friends when he heard a handful of gunshots ring out.

“Everybody hit the deck,” he said.

Police officers block off a road near where multiple people were shot at a community festival. Photograph: Paul Sancya/AP

When he looked back up, he saw a gun being tossed to the ground. Police officers who were already on-site for the festival immediately responded to the scene.

Berry, who has medical training and served in the US Navy, said he walked around the area looking for potential victims who might need help.

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He said he saw at least five people with gunshot wounds.

Police officers work at the scene of a shooting near a festival in Toledo, Ohio. Photograph: WTVG/AP

“The folks who were hit were spread out around the arboretum area,” he said.

The Old West End festival is a two-day celebration in Toledo’s historic district that includes live music, food vendors, home tours and shopping.

“This tragedy is really weighing heavily on both the residents and those who visit and enjoy this festival year after year,” said city council member Theresa Morris.

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Video: Protester Hit by Car at Newark ICE Detention Center

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Video: Protester Hit by Car at Newark ICE Detention Center

new video loaded: Protester Hit by Car at Newark ICE Detention Center

A vehicle hit a protester on Friday as it was leaving Delaney Hall, an immigration detention center in Newark that has been the site of protests since late May.

By Cynthia Silva

June 6, 2026

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Despite a competitive market, finding a summer job is highly beneficial for teens

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Despite a competitive market, finding a summer job is highly beneficial for teens

A lifeguard overlooks an outdoor swimming pool.

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Etienne Laurent/Getty Images

Teenagers hoping to hold the whistle as a lifeguard or camp counselor, or just work any job this summer are having a hard time getting hired.

“They now have more competition. There may be fewer jobs available,” says Brad Hershbein, an economist at the W.E. Upjohn Institute for Employment Research. “They kind of get stuck with the short straw.”

Many factors are contributing to the competition for entry-level jobs: AI, inflation, tariffs, even those oil tankers stuck in the Persian Gulf. But all signs are pointing to 2026 being the worst job market for teens in decades.

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“So many people are increasingly desperate to find a job, any job, especially if they have college loans,” Hershbein says. “That makes it that much harder for someone younger to be able to compete.”

The Bureau of Labor Statistics counted 219,000 fewer teens working this May compared to last May. Their participation in the labor force has been sliding since a peak of nearly 58% in the 1970s. Today, about a third of teens are in the labor force, either working or looking for summer work.

Mariella Silva, 19, had to hustle before finding a summer job as a barista at Zeke’s Coffee, a roastery and coffee shop in Washington, D.C.

She says now that she’s working, she feels more grown up. She is learning from her older coworkers and starting to understand and appreciate the value of money. She says, “Every time I spend something, I’m like, oh, this is like two hours of work.” She says she really feels the pinch of inflation when she considers whether to buy a meal out in the world, “I’m like, hmm. . . there’s food at home.”

Her boss, Jesse Lauritsen, doesn’t actually hire many teens. For starters, their schedules are hard to accommodate. Teens often have school or sports commitments and are new to the idea of carving out big chunks of time for work shifts.

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“If they can only work one day a month, there’s no point in really hiring them,” Lauritsen says.

Economist Brad Herschbein notes that hiring managers may view teens as an investment that won’t pay off right away. “It’s almost a community service, rather than getting that productivity right away,” he says.

The dwindling job opportunities for teenagers means that plenty of them won’t get their first workforce experience while they’re still young, he adds. “A growing share of 18- to 19-year-olds are neither employed nor in school. They’re not really engaged in child care either.”

Economists call such people “idle.” It’s a strong term, but might be accurate, according to time-use surveys.

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“They do seem to be engaging in a lot of leisure,” says Hershbein “The quintessential stereotype is, you know, someone’s playing video games all day.”

That pattern doesn’t just worry their parents. Many cities and school districts are trying hard to line up job opportunities for young people.

At a community pool in Ann Arbor, Michigan, Gayle Hurn hires over a hundred lifeguards and swim instructors every summer: She says she’s got a roster full of teenagers from around the city. “I think we need to start viewing teens as a really important part of the infrastructure of the workplace.”

Hurn says everyone who visits the pool feels the joy that her young workers bring to their job, even if she admits that teenagers can be hard to manage. “It’s my job to help them not just get a paycheck, but really build them so that when they move on from me, they can be super successful and really great contributors to whatever other work environment they join.”

Hurn makes them put away their phones, she works around their vacation schedules and she helps them through difficult conversations.

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Happily, she adds, her teen employees are totally worth it.

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