Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

News

Fires inflict $50 billion losses, strain California insurance

California fires cause $50 billion losses, raising insurance premiums and straining market, warns JPMorgan analyst.

Published

on

California fires cause $50 billion losses, raising insurance premiums and straining market, warns JPMorgan analyst.

Fires in California have caused nearly $50 billion in economic losses, doubling earlier estimates, according to JPMorgan analyst Jimmy Bhullar.

The losses include over $20 billion in insured claims, a figure that may increase if the fires continue to burn.

Ratings firm Morningstar DBRS anticipates total insured losses could exceed $8 billion, classifying this disaster as one of the most costly in US history.

Insurance loss estimates can fluctuate significantly due to ongoing events, as analysts rely on past incidents to gauge future damage.

For comparison, the 2018 Camp Fire resulted in about $12.5 billion in insured losses when adjusted for inflation.

Natural disasters like hurricanes and earthquakes usually lead to the largest financial losses, with Hurricane Katrina in 2005 incurring insured losses of $102 billion.

The ongoing fires are expected to strain California’s home-insurance market, causing premiums to rise and limiting policy options, as noted by Moody’s Ratings analyst Denise Rappmund.

Considerable losses may require private insurers to assist the state’s Fair Plan insurer, which serves homeowners denied coverage by private companies.

The impact of the fires on the Fair Plan remains unclear, but recent data shows substantial exposure in heavily affected regions, particularly Pacific Palisades, where losses could approach $6 billion.

News

Ukraine Russia peace talks stall with no breakthrough

Zelenskiy blames Moscow for stalling Geneva peace talks; negotiations to resume amid unresolved eastern territory and nuclear power plant disputes.

Published

on

Zelenskiy blames Moscow for stalling Geneva peace talks; negotiations to resume amid unresolved eastern territory and nuclear power plant disputes.

Two days of high-stakes negotiations in Geneva have ended without a breakthrough, as Ukraine and Russia failed to reach an agreement on key issues in the ongoing war. Despite international pressure, both sides walked away without a deal.

President Volodymyr Zelenskiy accused Moscow of deliberately stalling United States-mediated peace efforts, while Russia signalled it would not accept terms it sees as unfavourable. The White House says further talks are expected.

Major sticking points remain over territory in eastern Ukraine and control of the Zaporizhzhia nuclear power plant, with both sides rejecting proposals that would involve significant territorial concessions.

Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker

Download the Ticker app

Continue Reading

News

Iran on edge as military build up meets domestic unrest

Iran strengthens military and nuclear sites amid US carrier presence, escalating fears of confrontation and internal dissent pressure.

Published

on

Iran strengthens military and nuclear sites amid US carrier presence, escalating fears of confrontation and internal dissent pressure.

Iran is ramping up military readiness as tensions with the United States intensify, with Tehran fortifying key nuclear sites and reviewing defence strategies amid the deployment of U.S. aircraft carriers in the region. Leaders in the Islamic Republic say they are prepared to respond to any imposed conflict, signalling a high-stakes standoff that could reshape regional security dynamics.

At the same time, the regime faces mounting domestic discontent, with security forces cracking down on dissent and carrying out widespread arrests following recent protests. While Iran insists it has made concessions toward a nuclear deal, Washington says key demands remain unmet, leaving negotiations in limbo and the country’s political future under strain.

Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker

Download the Ticker app

Continue Reading

News

Jesse Jackson dies at 84 civil rights leader and presidential candidate

Civil rights leader Jesse Jackson, 84, dies, leaving a legacy in equality advocacy and global diplomacy.

Published

on

Civil rights leader Jesse Jackson, 84, dies, leaving a legacy in equality advocacy and global diplomacy.


Civil rights icon Jesse Jackson has passed away at the age of 84. Known as a servant leader, he dedicated his life to giving a voice to the oppressed and advocating for equality worldwide.

Jackson founded Operation PUSH and the National Rainbow Coalition, and served as a special envoy to Africa under President Bill Clinton, leaving a lasting impact on global diplomacy and social justice.

He also ran for the Democratic presidential nomination in 1984 and 1988, played a key role in US politics, and helped secure the release of hostages abroad, remaining a tireless advocate until his passing.

Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker


Download the Ticker app

Continue Reading

Trending Now