Happy Wednesday! In this week's Big I Buzz, a look at the cost of climate disasters so far in 2024. Plus, New York City's biggest taxi insurer is insolvent.

U.S. logs 19 billion-dollar climate disasters so far in 2024

As of the first week of August 2024, the U.S. experienced 19 weather or climate events with losses that exceeded $1 billion, according to the National Oceanic and Atmospheric Association (NOAA). Researchers with NOAA’s National Centers for Environmental Information reported 15 severe storm events, 1 tropical cyclone, 1 wildfire, and 2 winter storm events. The agency's year-over-year "Scorekeeper" aims to examine climate events from a historical perspective, a practice NOAA has followed since 1980. Between 2019 and 2023, the U.S. experienced 102 billion-dollar weather and catastrophe events, NOAA reports. Read more here.

New York City's Biggest Taxi Insurer is Insolvent, Risking Transit Meltdown

New York City's largest taxi insurer, American Transit Insurance Co. (ATIC), is insolvent, posting over $700 million in net losses in the second quarter of 2024. ATIC insures 60% of the city's taxis and rideshare vehicles, and its potential collapse could leave tens of thousands of drivers uninsured, destabilizing the transit system. The company has faced long-standing financial issues, exacerbated by rising claim sizes and underpriced premiums. Regulators may need to intervene, potentially placing the company into receivership or liquidation. Read more here.

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