Danielle was a guest with Jim Goddard on Talk Digital Network, talking about recent developments in the world economy and markets. You can listen to an audio clip of the segment here.
Also, see Department Stores are Maxed out. Bearish commentary from retailers, including Macy’s, paints a worrying picture of consumers.
And, The Unseen Banking Crisis Concealed Behind the Climate Crisis:
It’s no surprise that there is a great deal of attention on the burgeoning crisis among insurance companies and their insured individuals and businesses because of the increase in the number and severity of major, destructive, and very costly climate events. The U.S. property and casualty industry suffered losses of $5 billion in 2021, which ballooned to losses of $26.5 billion in 2022. There have already been 15 confirmed weather/climate disaster events with losses exceeding $1 billion each in the U.S. as of August 8, 2023, with losses almost certain to exceed 2022.
The number of insurance companies going bankrupt, withdrawing from states, limiting coverage, and significantly raising premiums is increasing by the day. In addition, the reinsurance market, which is key for insuring major climate events, is facing reduced investor demand, which is going to decrease coverage while increasing costs even more. However, this isn’t just a crisis for insurance companies and their customers, as was emphasized at the meeting of The Financial Stability Oversight Council (FSOC) on Friday, July 28, 2023. The ongoing and worsening insurance crisis is the leading edge of a coming banking and financial crisis.
;
