Top financial watchdog warns climate change set to trigger market panics

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The story "Top financial watchdog warns climate change set to trigger market panics" was covered 13 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 13h ago

Top financial watchdog warns climate change set to trigger market panics - Financial Times

Quick Summary:

Pointing out that 62 per cent of the global losses from natural disasters were uninsured in 2023, the FSB warned: “Risks that are opaque and not well-managed could create correlated shocks whose impact is magnified as they propagate through the system.

Leading reinsurance groups are also paring back their exposure to natural catastrophe risks, while US lender Wells Fargo believes insurance payouts for the Californian fires could reach $30bn.

Nellie Liang, under-secretary for domestic finance at the US Treasury department who also worked on the report, called it “a welcome addition” to financial markets surveillance.