Business: Global insurance problems

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Led by the deadly Hurricane Ida and massive flooding in Europe, the world racked up $329 billion in economic losses linked to severe weather last year, and only 38% of that bill was covered by insurance. Those results prompted consultant Aon to warn that the mounting cost from climate change-fueled disasters is only in the early stages unless more complete insurance assessment and risk-pricing catches up. That could cost businesses and their customers more, and make homeownership less accessible.

Even with inflation near a 40-year high, consumers are still seeking out higher-priced businesses.  Yelp says searches for businesses that have four dollar signs, which is the highest price point on Yelp, soared by 56% in 2021. Searches for businesses with three dollar signs jumped 31%. Searches for businesses with only one dollar sign dropped 24%.