The Gulf Coast insurance crisis has hit a new low as two state-chartered insurance associations are being forced to borrow hundreds of millions of dollars for the first time in three decades to pay the hurricane claims of insolvent insurers.
As the coronavirus pandemic compounds worsening economic pressures from climate change impacts, small island developing nations on Monday appealed for international financial support to help them avert a looming debt crisis.
Germany is considering ditching its long-cherished balanced budget policy to help finance a costly climate protection program with new debt, a senior government official said.
