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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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Former Olympian pleads not guilty in reflecting pool vandalism charges

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Former Olympian pleads not guilty in reflecting pool vandalism charges

Former U.S. Olympian David Hearn (left) walks with his attorney Norman Eisen to speak to reporters and protesters gathered after his arraignment at the Superior Court of the District of Columbia in Washington, D.C. on Thursday.

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Former U.S. Olympic canoeist David Hearn pleaded not guilty to damaging the Lincoln Memorial Reflecting Pool in D.C. Superior Court Thursday morning.

Federal prosecutors charged Hearn with a single count of destruction of property causing more than $1,000 in damage to the pool.

Hearn has previously claimed, which his attorneys repeated during a short press conference outside the court, that he simply touched the water in the pool out of curiosity.

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The Trump administration had just completed a $14 million renovation of the pool.

But shortly after the work finished, peeling paint and algae gathered in the water. The remodel has been largely criticized as a massive failure and waste of taxpayer dollars.

Superior Court Judge Carmen McLean released Hearn on his own recognizance. His next hearing is scheduled for Aug. 5.

Norm Eisen, one of Hearn’s attorneys, spoke to reporters outside of court following the hearing. He said the administration is using Hearn as a “scapegoat … for their own failures.”

“It is not a crime to touch the reflecting pool, to touch water in the United States of America,” he said.

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Prosecutors say there is a host of evidence against Hearn.

This is a developing story.

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

Three more people have been criminally charged with destruction of property at the Lincoln Memorial Reflecting Pool.

Officers say they detained Cameron Thiers, Sophie Dennison-Gibby and Justin Carreno one Saturday afternoon in June and described in court documents witnessing them peeling and removing pieces of blue paint from the Reflecting Pool.

One officer “witnessed Carreno reach down into the reflecting pool and pull up a piece of the blue paint,” according to the court documents.

The officer who detained Dennison-Gibby “found 1 additional piece of the reflecting pool liner” in her purse, the documents said.

All three incidents were recorded on the officers’ body worn cameras, they said in the court documents.

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Several “partnering law enforcement agencies assigned to the Reflecting Pool” working with US Park Police were involved in detaining the two men and one woman — including officers from Texas, Oklahoma, Montana and California.

One of the officers said in court documents that Thiers “admitted to removing a piece of blue sealant from the Reflecting Pool and still had it in his hand when I made contact with him.”

The three defendants were arraigned in court Wednesday and pleaded not guilty to the misdemeanor charges of destruction of property with a value less than $1,000. The judge ordered them to stay away from the Reflecting Pool.

Lawyers for Thiers and Dennison-Gibby declined to comment. CNN has reached out to Carreno’s attorney.

If found guilty of destruction of property, the defendants could be fined up to $1,000 and face a maximum of 180 days behind bars.

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The New York Times first reported that three additional people had been charged with damaging the Reflecting Pool.

President Donald Trump has repeatedly claimed that vandals caused major damage to the pool by gashing the lining after his administration spent more than $14 million on renovations, though he has not provided evidence to support that claim. The officers who charged Carreno, Thiers and Dennison-Gibby did not accuse them of gashing the lining.

Former Olympic canoeist David Hearn was indicted by a grand jury in Washington, DC, last week for allegedly damaging the Reflecting Pool. Hearn — unlike Carreno, Thiers and Dennison-Gibby – was charged with destruction of property with a value of more than $1,000 which carries a maximum penalty of 10 years in prison, if convicted. He is set to be arraigned in court Thursday.

Crews began draining the Reflecting Pool over the weekend to make repairs, according to Interior Secretary Doug Burgum, for the second time in three months.

The move comes after weeks of problems – algae blooms, green-hued water, a chipping bottom and the administration’s allegations of vandalism – that have plagued the iconic landmark, making its woes the subject of national interest.

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Supreme Court financial disclosures reveal how their books add to their income

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Supreme Court financial disclosures reveal how their books add to their income

Supreme Court Justice Amy Coney Barrett speaks at the Reagan Library on Sept. 9, 2025, in Simi Valley, Calif. Barrett discussed and signed copies of her new book, Listening to the Law: Reflections on the Court and Constitution.

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Even as the Supreme Court was handing down one legal thunderbolt after another last week, the justices were quietly releasing their annual financial reports. Justice Samuel Alito was the only sitting justice to request an extension, which he has done for 15 years. The disclosures do not give a complete account of the justices’ total income and wealth, but they give insights into their concertgoing, guest professorships and even their involvement in youth sports.

In addition to their salaries, much of the justices’ reported income came from their book deals. Justice Ketanji Brown Jackson led the pack earning more than $1.1 million last year for a total of roughly $4 million since her memoir, Lovely One, was published in 2024.

Justices Sonia Sotomayor, Neil Gorsuch, Amy Coney Barrett and retired Justice Anthony Kennedy also reported income from published books. Earnings from their books ranged from $849,000 for Barrett, to $300,000 for Gorsuch and $88,000 for Sotomayor, whose books include her 2013 autobiography and five children’s books. Justice Clarence Thomas, who previously earned $1.5 million for his 2007 memoir, listed no publisher payments last year, and Justice Brett Kavanaugh, one of 13 co-authors of a 2016 legal treatise, also received no payments last year. Kavanaugh is said to be working on a memoir but he listed no payments for the anticipated book. Alito does have a book coming out in the fall, but with his financial report still outstanding, there is no data on how much he was paid for the work in 2025.

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The only two sitting justices who have not written books are Chief Justice John Roberts and Justice Elena Kagan.

Many justices also earned income from teaching at law schools. Roberts reported income from New England Law, located in Boston, and Gorsuch reported teaching income from George Mason University in Virginia. Thomas taught classes at Catholic University in Washington, D.C., and Barrett and Kavanaugh taught at Notre Dame Law School. Barrett graduated from the school and began teaching there 23 years ago; Kavanaugh has family connections to Notre Dame.

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