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Western launches Canadian Severe Storms Laboratory 0

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Western launches Canadian Severe Storms Laboratory

New research centre will transform understanding of damaging winds, hail and flash floods in Canada London, ON (Nov. 1, 2024) – Western University has announced the launch of the Canadian Severe Storms Laboratory (CSSL) within its Faculty of Engineering to advance the study of atmospheric science, including thunderstorms, hail, and flash floods. The project is supported by a $20 million investment from the university’s long-established partner, ImpactWX, to position the CSSL as the authoritative source for severe thunderstorm data and research in the country, with the goal of mitigating damage and improving the safety and well-being of all Canadians. “The CSSL will greatly improve severe and extreme weather detection and documentation across the country while mitigating harm to Canadians and their properties,” said Greg Kopp, CSSL founding director and ImpactWX Chair in Severe Storms Engineering. A global leader in wind engineering and climate resiliency for 60 years, Western University is changing the way Canadians think about the country’s most dangerous and damaging weather events. “Western’s track record in climate change research and natural disaster mitigation stands among the top in the world,” said Western President Alan Shepard. “ImpactWX’s continued investment and the launch of the CSSL will amplify our research...

Flood-protection measures up to ten times more cost-effective than rebuilding: Swiss Re Institute study 0

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Flood-protection measures up to ten times more cost-effective than rebuilding: Swiss Re Institute study

Flood risk is set to increase due to climate change and urban sprawl Economic benefits of flood adaptation measures can be up to ten times the costs of post-disaster rebuilding Dykes can reduce flood damage by 60-90%, especially in densely populated regions Armonk, NY (Nov. 11, 2024) – Economic losses caused by natural catastrophes reached an estimated USD 280 billion in 2023, with USD 51.6 billion due to floods, according to Swiss Re Institute. Losses are likely to increase as climate change intensifies extreme weather events while rapid urban sprawl has increased asset values in high-risk areas. Protective measures such as dykes, dams and flood gates come at a price, but their financial benefits can exceed costs for rebuilding after a disaster by up to ten times, a Swiss Re Institute study shows. Veronica Scotti, Chairperson Public Sector Solutions at Swiss Re said: “Investments in climate adaptation, such as flood preparedness, not only promote economic stability and create jobs, but also help keep people safe. Yet there is chronic underfunding. It is therefore crucial to create the conditions for private capital to flow into climate adaptation projects and at the same time optimise the use of public funds. Quantifying the...

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12 Richest Americans in Sports: Forbes

The 2024 Forbes ranking of America’s 400 wealthiest people includes billionaires whose interests extend to the sports world. They own or have significant stakes in major franchises in the United States and abroad. In compiling the new list, Forbes researchers met in person or spoke virtually or by phone with each one when possible, and interviewed their employees, handlers, asset managers and financial advisors, rivals, peers and attorneys. They also examined Securities and Exchange Commission documents, court filings, probate records and news articles. They took into account all types of assets, and factored in debt and charitable giving. See the accompanying gallery for the 12 wealthiest Americans in sports, according to the Forbes 400 as of Sept. 1.

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Term Life Activity Keeps Booming

Age breakouts: Here’s what happened to activity for each age group between July 2023 and the latest month: Ages 0-30: -0.6% Ages 31-40: +1.9% Ages 51-60: -3.7% Ages 61-70: -6.0% Ages 71 and older: -2.2% Policygenius: A web broker, Policygenius, now prepares monthly term life price index charts. The lowest price shown is for a 25-year-old female nonsmoker who wants $250,000 in death benefits. The highest price is now for a 60-year-old male smoker who wants $1 million in coverage. The highest price present in both 2023 and this year is for a 55-year-old male smoker who wants $1 million in coverage. For the 25-year-old, the lowest rate fell to $14.29, from $14.59. For the 55-year-old smoker, the highest rate rose to $1,010.11, from $1,006.88. Credit: Adobe Stock

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Honoring Advisors Who Serve(d): Veterans Day, 2024

Michael Farley Title/company: President/Farley Financial Partners Branch: U.S. Army Rank held at beginning of service and at end: 2nd Lieutenant/Captain Service dates: 1988–1995 Work you did: Combat Engineer Platoon Leader at Fort Carson, Colorado. Responsible for the well-being of 30 combat engineers and enlisted soldiers. Brief story that stands out from your service time: The 30-soldier team I was in charge of was named the best of 12 combat engineer platoons at Fort Carson after an exhaustive three-day, 24-hour-a-day exercise. I learned so much about leadership, motivation and teamwork in those three days as I worked with my non-commissioned officers and soldiers. I find myself using some of those same lessons 30 years later as I would my team and our clients. Ryan R. Hyslop Title/company: Managing Partner/Sierra Pacific Wealth Management Branch: U.S. Navy and U.S. Naval Reserves Rank held at beginning of service and at end: Ensign/Lieutenant Commander Service dates: 1997–2018 Work you did: Naval Aviator with nearly 3,000 flight hours and 256 carrier landings in the T-34C, T-45A, F-14B, C-2A and C-40A Brief story that stands out from your service time: My commanding officer from my first fighter squadron, who was my mentor, always told me you have...

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Louisiana Community Protest Approval Process for Ammonia Plant

Article 0 Comments ELKINSVILLE, La. (AP) — A dispute over a planned ammonia plant near a historic Black town in southeastern Louisiana ratcheted up a notch with a challenge to the state’s approval process. The battle over the plant is occurring despite the fact that part of the impetus to build it is a provision in a key climate law signed by President Joe Biden. The company claims it will store underground almost all of the climate-damaging carbon dioxide emitted in the production of ammonia, commonly used for fertilizers. Environmental groups warn this is an unrealistic expectation. The Tulane University Environmental Law Clinic is asking the Louisiana Department of Environmental Quality to recuse itself from deciding on a permit for St. Charles Clean Fuels’ ammonia plant next to the Elkinsville community. The agency appears to have already decided to grant the permit, the clinic said, before weighing all public comment, which would be illegal under Louisiana law. The motion comes after a public hearing in September in St. Charles Parish was shut down when more than 150 people tried to fit into a room in a public library the state had reserved. The agency characterized that turnout as “an organized...

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AI Thermostats Pitched for Texas Homes to Relieve Stressed Grid

Article 0 Comments Three of the biggest names in US home energy automation are coming together to offer some relief to the beleaguered Texas electrical grid. Power supplier NRG Energy Inc. is partnering with Renew Home LLC to distribute about 650,000 artificial intelligence-enabled thermostats that use Alphabet Inc.’s Google Cloud technology over the next decade. The initiative, announced Thursday, aims to shave nearly 1 gigawatt of electricity demand — enough to power 200,000 Texas homes or about 1% of the record summer demand seen this year on the state grid. “The entire industry has been built to serve the peak load on the hottest day of the year,” said Rasesh Patel, president of NRG’s consumer unit. “This allows us to be a lot more smarter about demand in shaving the peak.” Enrollment in the program, where consumers see cost savings or other incentives for curtailing energy usage, opens in the spring. NRG residential customers will receive service installation of a Vivint doorbell camera and either a Vivint or Google Nest thermostat for free. NRG expects to sign up enough homes to free up 300 megawatts of electricity demand within the first two years, according to Patel. That is expected to...

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Multiple Climate Disasters Trigger First-Ever Red Cross Disaster Insurance Pay-Out

Article 0 Comments The world was hit by so many floods and landslides in 2024 that it triggered the aid sector’s first multi-disaster insurance pay-out, the Red Cross told Reuters, signaling both the scale of the problem and the need for new financing solutions. The International Federation of the Red Cross and Red Crescent Societies (IFRC) said such indemnity insurance funds, which kick in when repeated disasters reach a minimum cost threshold, can protect relief budgets increasingly strained by frequent and severe climate-fueled hazards. The IFRC policy with insurance broker Aon is the first of its kind for the aid sector. It was triggered in mid-September by the deadly Asian Typhoon Yagi, which tipped total disaster spending over the 33 million Swiss franc ($37.84 million) mark, and the fund has disbursed more than 7 million Swiss francs. The money has so far helped 1.5 million disaster victims in the poorest countries, including those in flood-hit Nigeria or those displaced by a Nepal landslide, it said. “This provides contingency funding when you have exceptional needs. We would not have been able to respond to those disasters we are responding to today without this,” Florent Del Pinto, head of the Disaster Response...

Vertafore acquires Surefyre, expanding its AI capabilities to accelerate MGA growth and innovation 0

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Vertafore acquires Surefyre, expanding its AI capabilities to accelerate MGA growth and innovation

MGAs to benefit from Vertafore’s expanded solutions, accelerating speed to market, boosting revenue, and reducing costs Denver, CO (Nov. 4, 2024) – Vertafore®, the leader in modern insurance technology, is pleased to announce that it has acquired Surefyre, an industry leading submission and underwriting workbench platform purpose-built to empower MGAs and wholesalers. This acquisition further strengthens Vertafore’s industry leadership by adding Surefyre’s AI enabled, low-code/no-code solution to Vertafore’s already best-in-class MGA ecosystem of solutions. The addition of Surefyre’s solution will unlock even more potential for Vertafore MGA customers by adding a modern agent portal, a powerful underwriting workbench and flexible workflow automation that drives a faster and more efficient quoting process, saving hours of time issuing a policy. Surefyre’s technology platform includes: A modern, fully configurable agent-facing portal that supports the complete policy lifecycle and enhances collaboration between agents and underwriters. An underwriter workbench that enables MGAs to rate and quote specialty P&C business seamlessly across systems, driving efficiency and prioritizing the most profitable opportunities. AI-powered solutions, including automated agent portal configuration to accelerate speed to market and additional AI-driven features to streamline the submission and risk selection process. “We are intensely focused on empowering MGAs and wholesalers through technology....

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US Supreme Court to Hear Facebook Bid to Escape Securities Fraud Suit

Article 0 Comments The U.S. Supreme Court is set on Wednesday to consider a bid by Meta’s Facebook to scuttle a federal securities fraud lawsuit brought by shareholders who accused the social media platform of misleading them about the misuse of its user data. The justices will hear arguments in Facebook’s appeal of a lower court’s decision allowing the 2018 class action led by Amalgamated Bank to proceed. It is one of two cases coming before them this month – the other one involving artificial intelligence chipmaker Nvidia – that could lead to rulings making it harder for private litigants to hold companies to account for alleged securities fraud. The plaintiffs accused Facebook of misleading investors in violation of the Securities Exchange Act, a 1934 federal law that requires publicly traded companies to disclose their business risks. They claimed the company unlawfully withheld information from investors about a 2015 data breach involving British political consulting firm Cambridge Analytica that affected more than 30 million Facebook users. Facebook’s stock fell following 2018 media reports that Cambridge Analytica had used improperly harvested Facebook user data in connection with Donald Trump’s successful U.S. presidential campaign in 2016. The suit seeks unspecified monetary damages...