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Insurers Want Businesses to Wake Up to Costs of Extreme Heat

2 months ago
Swiss Re has identified extreme heat as a significant insurance threat in its latest annual report on emerging risks with the Zurich-based reinsurer noting that up to half a million people globally die from extreme heat effects each year. The death toll exceeds the combined impact of floods, earthquakes and hurricanes. Heat waves contributed to conditions that generated $78.5 billion in insured wildfire losses globally from 2015-2024, Swiss Re reported. The Los Angeles wildfires this year could add up to $45 billion in insured losses, according to UCLA Anderson School of Business estimates. The insurance industry has historically underestimated heat-related costs because damages spread across multiple policy types rather than appearing as a single category. Construction firms face rising medical insurance and workers compensation claims when outdoor workers suffer heat injuries, plus potential liability for inadequate cooling breaks.

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British Watchdog Cracks Down on Data Collection by Smart TVs, Speakers And Air Fryers

2 months ago
The UK Information Commissioner's Office has issued its first guidance demanding manufacturers of air fryers, smart speakers, fertility trackers, and smart TVs respect users' privacy rights after reports of excessive data collection in homes. The regulator requires companies to ensure data security, provide transparency to consumers, and regularly delete collected information. Stephen Almond, the ICO's executive director for regulatory risk, said smart products know who users live with, their music preferences, and medication details. The guidance addresses "internet of things" devices, including fertility trackers that record menstrual dates and body temperature before sending data to manufacturer servers. Additionally, smart speakers that monitor family members and visitors must allow users to configure settings that minimize personal information collection. The ICO warned manufacturers it stands ready to take enforcement action in the event of noncompliance.

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