Climate change

(Bloomberg) --A climate nonprofit is planning to revive a key federal database tracking billion-dollar weather disasters that the Trump administration formally stopped updating in May.

ACORD's Somesh Mukherjee, vice president of solution architecture at ACORD Solutions Group, shares the complexities of technology used in weather-related claims processes.

Texas Hill Country saw $1.1 billion in property damage to residential buildings, according to preliminary Cotality estimates.

An academic paper presented at the Brookings Institute's annual conference found that future wildfire risks are already having economically significant impacts on financial markets, municipal borrowing costs and vulnerable communities.

Collaboration between the public and private sectors, beyond just insurance, is essential to narrowing the protection gap.

Figures released by the state's insurer of last resort show double digit percentage increases over last fiscal year, and triple digit percentage increases since four years ago.

State senator Roland Gutierrez points to National Weather Service cuts, and denial of mitigation project funding. Former FEMA administrator says cuts will worsen disaster impact on smaller communities.

Lenders and other businesses active in the state also stepped up with large donations and charitable campaigns in the days following the flooding disaster.

With rain continuing to fall, politicians are questioning whether federal, state and local officials were adequately prepared.

The cost is down 16.5% from last year, according to The Insurance Information Institute.

Climate risk models, which are widely used in the insurance industry, don't typically make detailed projections for extreme heat.

Investment funds based on parametric insurance have the potential to beat cat bond returns, according to Rhodri Morris, a portfolio manager at Twelve Securis.

Climate resilience efforts such as new flood defense systems and building codes have offset potential insured losses in New Orleans, according to Swiss Re report.

Florida's insurance markets could be in a better position to withstand disasters' impact spreading to its housing market, although FEMA cuts will impact the state's resources, an insurance expert and author said.

Predicting environmental risks that follow a major natural disaster represents an untapped opportunity for insurance , according to head of reinsurance firm Swiss Re AG's China unit.

Unless adequately shielded from extreme weather events, assets designed to help fight climate change may risk access to insurance.

McDermott Will & Emery, a global law firm with an insurance specialization, watches concerns around the industry's implementation of AI and the broader challenges of insuring against climate risks. Digital Insurance spoke with a partner in the practice.

Three principles for modernizing data infrastructure.

Even before January's fires in Los Angeles, change-of-address data shows residential moves based on fire risks and insurance availability.

"We want to wean off of FEMA, and we want to bring it down to the state level," Trump told reporters on June 10 during a briefing in the Oval Office.