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Insurance prices rise due to climate, big companies widen inequality, scientists study Zika infection

There was no significant news yesterday.

Today ChatGPT read 898 top news stories. After removing previously covered events, there are 3 articles with a significance score over 7.

[7.4] Insurance sector underestimates climate change impact amid rising losses — Financial Times [$]

Lloyd's, a British insurance and reinsurance market. has alerted insurance entities that the full ramifications of climate change have not yet been fully realized in claims data, despite the sector experiencing an estimated $50 billion in losses from natural catastrophes during the first half of this year, marking the second worst start to a year since 2011.

Insurance prices are escalating as companies aim to recuperate their margins following substantial losses, further strained by the inflation in reconstruction costs. The price hike by reinsurers of up to 200% in January has initiated a domino effect, with some insurers like State Farm ceasing to underwrite new home coverage in certain areas like California.

[7.2] Corporate concentration fuels global inequality and food insecurity — Financial Times [$]

Recent years marked a surge in labor actions and antitrust cases, with the US recording the highest number of working days lost to strikes in nearly 25 years, alongside intensified anti-monopoly measures.

The pandemic further amplified corporate concentration, particularly in developing nations where the top 1% of exporting businesses captured between 40 and 90% of total export revenues. This corporate dominance contributed to the global labor share decline from 57% in 2000 to 53% today, exacerbating income inequality.

In the commodities sector, despite reduced demand, prices persist at elevated levels due to financialisation and speculative practices, heightening global food insecurity.

[7.1] Zika virus infection model used to develop vaccines and treatments — Reuters

Researchers at the Johns Hopkins Bloomberg School of Public Health in the United States have successfully infected human volunteers with the Zika virus in a controlled human infection model. The study aims to learn more about the disease and develop vaccines and treatments. Zika is a viral infection spread by mosquitoes that can be dangerous for pregnant women and cause birth defects, but there are currently no vaccines or treatments available.

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