Latest news with #BayesBusinessSchool
See - Sada Elbalad
18-07-2025
- Business
- See - Sada Elbalad
FRA Signs MoU with London's Bayes to Train Insurance Sector Leaders
Taarek Refaat The Financial Regulatory Authority (FRA) signed a memorandum of understanding (MoU) with Bayes Business School (University of London) in a landmark move to bolster the capabilities of Egypt's insurance sector leadership. The signing ceremony took place at the Egyptian Embassy in London, witnessed by Mohamed Farid, Chairman of the FRA, and Sherif Kamel, Egypt's Ambassador to the UK. The agreement was signed by Tarek Seif, Executive Director of the FRA's Financial Services Training Institute, and Lan Stromsmoe, Director of Leadership Training at Bayes Business School. The collaboration aims to develop and enhance the skills of future leaders within Egyptian insurance companies, reinforcing the sector's competitiveness in line with the FRA's strategic vision. The MoU forms part of the FRA's broader efforts to implement the protocol established with Egyptian insurance companies, focusing on upgrading leadership capabilities through specialized training and knowledge exchange. As part of the official delegation's visit to London, key FRA officials visited Bayes Business School to finalize implementation plans and explore future collaboration areas. These discussions emphasized expanding cooperation to include actuarial studies, financial literacy, and awareness programs. The executive leadership training program will cover essential topics such as institutional leadership in the era of digital transformation, developing strategic thinking in a digital environment, formulating change management strategies, and designing innovative business models adaptable to the rapidly evolving insurance landscape. The program will be conducted twice annually at the Bayes campus in London and will be led by a distinguished team of international academics and practitioners specializing in digital leadership and strategy. Participants will benefit from immersive learning experiences, including practical activities and field visits to Lloyd's of London market, allowing direct interaction with global business environments and exposure to best practices. Farid emphasized the FRA's dedication to cultivating a new generation of professionals equipped to formulate policies aligned with global leadership and technological trends. He noted that this initiative is a vital part of the FRA's vision to develop human capital across various sectors, especially the insurance industry. Strengthening professional capacities, he said, will enhance the sustainability and growth of Egypt's insurance sector, thereby supporting the national economy and boosting domestic savings. Mark Carperey, Director of Executive Leadership Training at Bayes Business School, expressed enthusiasm about the collaboration. He highlighted that the partnership combines Bayes' extensive expertise in insurance and leadership development with the FRA Training Institute's deep understanding of Egypt's non-banking financial services market. Carperey affirmed Bayes' commitment to supporting skill development in Egypt's insurance sector and looked forward to expanding this cooperation with further training programs. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Sports Get to Know 2025 WWE Evolution Results Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Yahoo
12-07-2025
- Business
- Yahoo
Experts raise red flags over concerning new trend in housing market: 'Disparities are projected to grow'
As flood risks rise and coverage dries up, experts warn that the housing market in the United Kingdom may be heading for troubled waters. According to Bayes Business School's Real Estate Research Center studied how flood risk and income levels affect home insurance. It found that low-income residents in flood-prone neighborhoods face an average annual loss from flooding that is 3.7% higher than that of wealthier neighbors. "These disparities are projected to grow to 4.4% by 2050, and low-income people have less capacity to relocate — increasing the likelihood of many becoming climate prisoners stuck in deteriorating, uninsurable homes," wrote the researchers. When insurance companies determine that a property's risk is too high, they may increase costs significantly or stop offering coverage altogether. More than 4 million homes across the U.K. fall into medium- or high-risk flood zones. Many are in regions like the Thames Estuary, southwest England, and parts of Yorkshire. For people who can't afford to move, these changes could force them to live in damaged homes without insurance support or the ability to relocate. The root cause of this problem is the burning of oil, coal, and gas. The resulting harmful carbon pollution warms the planet, which increases the severity of rainfall, flash floods, and coastal flooding. The risk to homes is rising alongside global temperatures. Bayes researchers recommend extending or replacing the U.K.'s joint government and insurance program, Flood Re, before it expires in 2039. This safety net helps cover high-risk properties. Without a replacement, millions could face a sudden loss of coverage and financial strain. The center is also working with insurers, mortgage lenders, and climate data companies to improve how risk is measured and priced. Better data can help homeowners understand their risks and can guide smarter policy decisions. Across the U.K. and beyond, governments are exploring similar solutions. Efforts such as community-based resilience funding or modernizing their homes to reduce their carbon footprint are just a few ways people can contribute. Do you think America is in a housing crisis? Definitely Not sure No way Only in some cities Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Telegraph
20-06-2025
- Health
- Telegraph
Eating without waiting for others is not rude, study finds
Eating your food at a restaurant while others are still waiting for their dish to arrive is not rude, scientists have found. The predicament of what to do if a waiter brings only part of a table's food out at one time is an enduring dilemma. A study of almost 2,000 people run by City St George's university in London discovered that beginning eating instead of waiting for all to be served is not the social faux pas Britons think it is. Various tests were run on different groups of people to determine how they felt about starting their meal while others had not been served, and also how they would feel if they were still waiting while someone else commenced dining. Other studies investigated the impact of people encouraging their fellow patron to begin and not to delay, and for the person who has already been served to consider the situation through the lens of their unserved company. The scientists discovered a double standard in how people see this quandary because people hold themselves to a higher moral benchmark than they do others. People are largely unbothered if someone is served before them at a table and starts eating. However, people are mortified by the idea of themselves tucking in alone while others wait. Janina Steinmetz, a professor of marketing at Bayes Business School, said: 'The decision of when to start eating food in the company of others is a very common dilemma. 'Norm adherence dictates that we wait until all food is served before starting, and disregarding it feels rude and discourteous to us. Surprisingly, this feeling barely changes even when another person explicitly asks us to go ahead. 'It occurs because people have greater access to their own internal feelings – such as appearing considerate or avoiding social discomfort – than to others' psychological experiences.' Often diners wait for their own benefit, she added, with co-diners minding 'far less than we think if we wanted to go ahead and eat'. 'People will wait to feel polite, but if the quality of their food is dependent on factors like temperature it may not taste as nice when they finally do start eating.' Irene Scopelliti, a professor of marketing and behavioural science, added: 'This is not just about politeness: it's about psychological access. 'We can feel our own internal discomfort, guilt, and the positive feelings from appearing considerate, but we can't fully access what others are experiencing internally. 'So, while we might feel genuinely awful about eating before others get their food, we assume others won't feel as strongly about it. 'Results of our study have implications for restaurants and beyond. Any service where people receive food at different times within a group creates similar psychological dynamics. 'Providers often optimise for efficiency, without realising that some people experience genuine discomfort when they receive service before others in their group. 'The research shows how much we systematically underestimate others' internal emotional experiences, which contributes to broader understanding of social norms and group dynamics.' The study is published in the journal Appetite. 'We've been doing it all wrong' It comes after a University of Oxford scientist claimed in 2022 that another rule of decorum at the dinner table should be abandoned and that people should actually eat with their mouth open. Prof Charles Spence, an experimental psychologist, claimed that smacking your lips and letting guests see your food as you chew it is the best way to eat. The academic now wants Britons to embrace a more uncouth and hedonistic approach to dinner time and abandon all sense of decorum and sensibility. 'We've been doing it all wrong,' he said. 'Parents instil manners in their children, extolling the virtues of politely chewing with our mouths closed. 'However, chewing open mouthed may actually help to release more of the volatile organic compounds, contributing to our sense of smell and the overall perception.'
Yahoo
27-01-2025
- Politics
- Yahoo
Monday briefing: What if the climate crisis makes disaster insurance unaffordable?
Good morning. If the Los Angeles wildfires are bracing evidence of the general threat posed by the climate crisis, they have also brought home a specific problem: how can you make the insurance system work when the risks are so high? That is not a question limited to California, or to the United States: the insurance industry has rated the climate crisis as the biggest threat to its future four years in a row, a very concrete riposte to those politicians who continue to question the reality of global heating. It is impossible to know whether a specific weather event like storm Éowyn in the UK has been caused by climate change – but we know that they, and the damage they leave in their wake, are only going to get more frequent. If nothing changes, the consequences – for the industry, for homeowners, for the broader financial system, and for where human beings can choose to live – will be profound. Today's newsletter, with Dr Eugenia Cacciatori, a co-author of Disaster Insurance Reimagined and a senior lecturer in management at Bayes Business School in London, explains some of the intractable problems, and the attempts to figure out solutions. Here are the headlines. Israel-Gaza war | Donald Trump's proposal that large numbers of Palestinians should leave Gaza to 'just clean out' the whole strip has been rejected by US allies in the region. Trump's intervention came as a deal was reached to allow Palestinians to return to northern Gaza and release a civilian hostage who Israel said should have been freed already. Heathrow | Rachel Reeves has given her heaviest hint yet that she will back a third runway at Heathrow airport, arguing that she is willing to make difficult decisions while pursuing economic growth. Campaigners have warned that the move would be a severe setback for the UK's climate commitments. Southport attack | Prevent's assessment of the danger posed by Axel Rudakubana followed policy at the time, an official review will find – but it will criticise the scheme for rejecting extra help to tackle his interest in violence. The review of the way three referrals were handled before Rudakubana committed an atrocity in Southport is due to be published this week. AI | Ministers have shut down or dropped at least half a dozen artificial intelligence prototypes intended for the welfare system, the Guardian has learned, in a sign of the headwinds facing Keir Starmer's effort to increase government efficiency. Belarus | Alexander Lukashenko is set to win a seventh five-year term as Belarusian president with 87.6% of the vote in Sunday's election, according to an exit poll. The US and the EU said in the run-up to the election that it could not be free or fair because independent media are banned and all leading opposition figures have been jailed or forced to flee abroad. As well as the devastating human cost for the many people who have lost their homes, the wildfires in Los Angeles are expected to be the most expensive such disaster in American history. The price to insurers could be as high as $30bn, Wells Fargo and Goldman Sachs estimated. Premiums have already rocketed in California in recent years, rising by 43% between January 2018 and December 2023; many companies have pulled out of the state altogether. The reason the economics are changing is obvious: between 2004 and 2013, an average of 653 structures were destroyed each year by fire in the state, according to data from Cal Fire. Between 2014 and 2023, that number was 5,669. The consequences are only likely to worsen as the market adjusts to the new reality in the years ahead. (This piece by Oliver Milman and Andrew Witherspoon sets out the impacts that are already being felt across the US.) But the wildfires are, of course, not an isolated catastrophe. 'It is one of a pattern of recent events that is changing perceptions,' Eugenia Cacciatori said. 'The future of disaster insurance is under threat all over.' *** What is the bigger picture on the future of insurance? 'Insurance is caught between two poles,' Cacciatori said. 'On the one hand, there is a desire to charge people in ways that are proportionate to the risk, because that's fair, and it allows insurers to balance the books. But that creates problems, because those who are at very high risk tend to have trouble getting the insurance they need.' The other extreme, she added, is 'a heavily regulated market that tends to produce affordable prices. But that creates the problem of funding reconstruction or new construction in places that are vulnerable to disaster. It is a very difficult problem to resolve.' Part of the problem is that the insurance system has traditionally worked by using past events as a guide to future risk, and pricing their policies accordingly: indeed, the law in California requires that they do so. But that model no longer works, and it isn't easy to work out a new one. 'The long term global trends are very clear,' Cacciatori said. 'But translating them into reliable local projections, especially when different risks intersect – for example, somewhere that's vulnerable to fire and flooding – is very complicated.' If a particular country's insurance industry fails, that is obviously a huge problem for the people who rely on it. But there are wider risks as well: if insurance becomes unaffordable, property values collapse. That could easily create a 2008-style financial crisis. *** What does the future look like in the UK? At the moment, the UK is not prone to the kinds of climate disasters that are becoming increasingly common in other parts of the world. But the past two years were among the wettest on record here, and the risks are increasing: about 6.3m properties are now at risk from flooding, with that figure likely to rise to about 8m by 2050. In April last year, the Association of British Insurers said that the annual cost of weather-related home insurance claims had risen by more than a third, to a record £573m. One useful initiative in the UK, Cacciatori said, has been the creation of Flood Re, a public-private partnership where insurers pay a levy that goes into a scheme to cover homes that have previously been flooded – essentially a subsidy for the homeowner. 'That has been very useful and innovative,' Cacciatori said. But it is also a project with a limited shelf life: as this excellent Bloomberg feature (£) explains, it will end in 2039, and is meant as a bridging exercise so that private insurance companies have some protection until better flood defences are in place. And it will only get more expensive over time. Meanwhile, the Environment Agency has confidence that only 15% of flood-defence projects will be completed on time – even as the government has doubled its investment. *** What can be done to fix the system? There are past examples of the insurance industry in other sectors playing a role in improving safety or resilience: in the car industry, for example, insurers have pushed for the standardisation of safety features, because it reduces the cost of claims. But there are major obstacles to implementing the same kind of approach in disaster insurance. One well known intervention, reduced premiums for customers who take those measures, isn't a great tool, Cacciatori said: 'The companies only have a very limited sense of what the risk reduction will be, and there's a danger that customers switch insurance a few years later, so it's a complicated model for them.' One alternative is the model in place in Switzerland, where local insurance companies have a monopoly on coverage in many areas and insurance is compulsory. 'They can't charge according to risk under that model, so they have the incentives and the means to contribute to resilience,' Cacciatori said. 'They are heavily involved in discussions of building standards in which insurers in other countries are only beginning to be involved.' It would be very difficult to repeat that approach in countries with longstanding systems where major insurers are in constant competition nationwide. 'But there are some elements that you could learn from,' she added. For example, insurance associations could pool their expertise and would be collectively incentivised to push for reduced risks. 'Insurers shouldn't be investing directly in resilience or mitigation measures,' she said. 'Ultimately the responsibility for those decisions to be taken in the public interest has to lie with governments.' *** How likely is that to happen? There are huge obstacles to the kinds of reforms that will mean that people living in high-risk areas can find affordable insurance. For one thing, the incentives for politicians with an eye on the next election to advocate for models that would probably push up premiums aren't straightforward. And there are competing priorities that work in very different directions. It obviously isn't realistic to imagine that the entire population of somewhere like Los Angeles could up sticks and recreate the city somewhere safer, which means that a viable insurance industry is a non-negotiable; but if the world in 2050 looks very different to the one of 2000, it may not make sense to create incentives for people to live in places that are becoming much more dangerous. Part of the problem is that humans just aren't very good at weighing long-term risks against short-term benefits – a significant problem for the insurance system but also a fundamental feature of how the climate crisis has unfolded. A classic example of that tendency is the way that people have kept on buying coastal condos in Florida even though many of them may well be underwater in a few decades' time. But there is evidence that reality is starting to set in: with major weather events causing more than $1bn in losses in the state in 2024, four of the 10 US cities where house prices dropped most last year were in Florida. 'We are starting to see signs that people are adjusting their expectations,' Cacciatori said. There are many seemingly intractable problems with reaching a sustainable solution, she added. 'But if I want to cheer myself up, I think about the way the status of green energy generation has changed over the last 15 or 20 years, and the incredible progress that has been made which wasn't thought to be possible. We can find ways to deal with these problems. But I'm very worried.' The Wicked promo tour was intense, to say the least. For weeks, my feed was flooded with talk of 'holding space' and users belting out 'wooOooO.' That said, Zoe Williams' interview with Cynthia Erivo (pictured above) is a gem, brilliantly unpacking her winding journey to the big screen. Nimo Shon Faye thought that her relationship with B would lead to her release from 'the constant inner chorus that sang to me about my unworthiness'; but, 'naturally, this didn't fucking happen'. Her essay about that break-up, and about love and heartbreak as a trans woman, is superbly written. Archie ICYMI: The most recent edition of You be the judge featured a housemate dispute straight out of a nightmare. Richard works from home full-time, and Maeve thinks he should cover more of the bills. It's the kind of petty clash that can make cohabiting unbearable. What's your verdict? (Mine: Maeve needs to stop nitpicking.) Nimo 'In the justification for what has been done to Gaza's children hides the most extreme form of dehumanisation from which all Palestinians suffer,' writes Nesrine Malik. Her column does a remarkable job of communicating the depths of that loss. Archie Aida Edemariam's conversation with neuroscientist Camilla Nord about her latest book The Balanced Brain is an interesting exploration on how the centuries old 'conceptual division between mind and body' that has underpinned western medicine is causing 'preventable and relievable harm'. Nimo Football | Leicester piled the pressure on beleaguered Tottenham manager Ange Postecoglou (pictured above) with a 2-1 win at White Hart Lane leaving Spurs 15th in the table. Lisandro Martínez's deflected winner gave Manchester United a 1-0 win at Fulham to ease the pressure on Ruben Amorim. Elsewhere, Aston Villa drew 1-1 with West Ham, and Brentford defeated Crystal Palace 2-1. Tennis | Jannik Sinner and Madison Keys triumphed in the Australian Open over the weekend. Here are the best images from the year's first grand slam. Rugby union | Finn Russell inspired Bath to a 23-32 victory at Sale, who were missing eight England players due to international commitments. 'Trump accused of 'ethnic cleansing' over call for Palestinians to quit Gaza' is the Guardian's lead story. The Express says 'Never forget' to mark the 80th anniversary of the liberation of Auschwitz, while the Mirror runs one survivor's story under the headline 'I'm here for my family'. 'Smuggler gangs logged out' – the Metro reports that 8,000 social media accounts promoting illegal Channel crossings have been taken down. 'A&E patients may be treated at home in Streeting's overhaul of NHS' says the i. The Times splashes with 'Starmer to defy Trump over cash for defence' while the Telegraph has a more muted take: 'Starmer and Trump set path for state visit'. Top story in the Daily Mail is '4 million face monster hike to council tax' and in the Financial Times it's 'EU faces mounting pressure to slash 'frivolous' climate change red tape'. The radical new treatment helping people with psychosis Jenny Kleeman reports on a new therapy where patients who suffer from psychosis create a digital avatar of the voices they hear A bit of good news to remind you that the world's not all bad There's nothing more universally delightful than majestic animal photos, and this picture essay showcasing some of the week's best wildlife photography is a real treat. It whisks you away, from the undergrowth of Kenya, where wild kittens roam, to a drowsy fur seal lounging in New Zealand. One shot of fluffy wild goats foraging in a snowy landscape looks like a scene straight out of Narnia. And the image of two hares intently eyeing up a crow on an icy German field is utterly, and hilariously, charming. And finally, the Guardian's puzzles are here to keep you entertained throughout the day. Until tomorrow. Quick crossword Cryptic crossword Wordiply
The Guardian
27-01-2025
- Politics
- The Guardian
Monday briefing: What if the climate crisis makes disaster insurance unaffordable?
Good morning. If the Los Angeles wildfires are bracing evidence of the general threat posed by the climate crisis, they have also brought home a specific problem: how can you make the insurance system work when the risks are so high? That is not a question limited to California, or to the United States: the insurance industry has rated the climate crisis as the biggest threat to its future four years in a row, a very concrete riposte to those politicians who continue to question the reality of global heating. It is impossible to know whether a specific weather event like storm Éowyn in the UK has been caused by climate change – but we know that they, and the damage they leave in their wake, are only going to get more frequent. If nothing changes, the consequences – for the industry, for homeowners, for the broader financial system, and for where human beings can choose to live – will be profound. Today's newsletter, with Dr Eugenia Cacciatori, a co-author of Disaster Insurance Reimagined and a senior lecturer in management at Bayes Business School in London, explains some of the intractable problems, and the attempts to figure out solutions. Here are the headlines. Israel-Gaza war | Donald Trump's proposal that large numbers of Palestinians should leave Gaza to 'just clean out' the whole strip has been rejected by US allies in the region. Trump's intervention came as a deal was reached to allow Palestinians to return to northern Gaza and release a civilian hostage who Israel said should have been freed already. Heathrow | Rachel Reeves has given her heaviest hint yet that she will back a third runway at Heathrow airport, arguing that she is willing to make difficult decisions while pursuing economic growth. Campaigners have warned that the move would be a severe setback for the UK's climate commitments. Southport attack | Prevent's assessment of the danger posed by Axel Rudakubana followed policy at the time, an official review will find – but it will criticise the scheme for rejecting extra help to tackle his interest in violence. The review of the way three referrals were handled before Rudakubana committed an atrocity in Southport is due to be published this week. AI | Ministers have shut down or dropped at least half a dozen artificial intelligence prototypes intended for the welfare system, the Guardian has learned, in a sign of the headwinds facing Keir Starmer's effort to increase government efficiency. Belarus | Alexander Lukashenko is set to win a seventh five-year term as Belarusian president with 87.6% of the vote in Sunday's election, according to an exit poll. The US and the EU said in the run-up to the election that it could not be free or fair because independent media are banned and all leading opposition figures have been jailed or forced to flee abroad. As well as the devastating human cost for the many people who have lost their homes, the wildfires in Los Angeles are expected to be the most expensive such disaster in American history. The price to insurers could be as high as $30bn, Wells Fargo and Goldman Sachs estimated. Premiums have already rocketed in California in recent years, rising by 43% between January 2018 and December 2023; many companies have pulled out of the state altogether. The reason the economics are changing is obvious: between 2004 and 2013, an average of 653 structures were destroyed each year by fire in the state, according to data from Cal Fire. Between 2014 and 2023, that number was 5,669. The consequences are only likely to worsen as the market adjusts to the new reality in the years ahead. (This piece by Oliver Milman and Andrew Witherspoon sets out the impacts that are already being felt across the US.) But the wildfires are, of course, not an isolated catastrophe. 'It is one of a pattern of recent events that is changing perceptions,' Eugenia Cacciatori said. 'The future of disaster insurance is under threat all over.' What is the bigger picture on the future of insurance? 'Insurance is caught between two poles,' Cacciatori said. 'On the one hand, there is a desire to charge people in ways that are proportionate to the risk, because that's fair, and it allows insurers to balance the books. But that creates problems, because those who are at very high risk tend to have trouble getting the insurance they need.' The other extreme, she added, is 'a heavily regulated market that tends to produce affordable prices. But that creates the problem of funding reconstruction or new construction in places that are vulnerable to disaster. It is a very difficult problem to resolve.' Part of the problem is that the insurance system has traditionally worked by using past events as a guide to future risk, and pricing their policies accordingly: indeed, the law in California requires that they do so. But that model no longer works, and it isn't easy to work out a new one. 'The long term global trends are very clear,' Cacciatori said. 'But translating them into reliable local projections, especially when different risks intersect – for example, somewhere that's vulnerable to fire and flooding – is very complicated.' If a particular country's insurance industry fails, that is obviously a huge problem for the people who rely on it. But there are wider risks as well: if insurance becomes unaffordable, property values collapse. That could easily create a 2008-style financial crisis. What does the future look like in the UK? At the moment, the UK is not prone to the kinds of climate disasters that are becoming increasingly common in other parts of the world. But the past two years were among the wettest on record here, and the risks are increasing: about 6.3m properties are now at risk from flooding, with that figure likely to rise to about 8m by 2050. In April last year, the Association of British Insurers said that the annual cost of weather-related home insurance claims had risen by more than a third, to a record £573m. One useful initiative in the UK, Cacciatori said, has been the creation of Flood Re, a public-private partnership where insurers pay a levy that goes into a scheme to cover homes that have previously been flooded – essentially a subsidy for the homeowner. 'That has been very useful and innovative,' Cacciatori said. But it is also a project with a limited shelf life: as this excellent Bloomberg feature (£) explains, it will end in 2039, and is meant as a bridging exercise so that private insurance companies have some protection until better flood defences are in place. And it will only get more expensive over time. Meanwhile, the Environment Agency has confidence that only 15% of flood-defence projects will be completed on time – even as the government has doubled its investment. What can be done to fix the system? There are past examples of the insurance industry in other sectors playing a role in improving safety or resilience: in the car industry, for example, insurers have pushed for the standardisation of safety features, because it reduces the cost of claims. But there are major obstacles to implementing the same kind of approach in disaster insurance. One well known intervention, reduced premiums for customers who take those measures, isn't a great tool, Cacciatori said: 'The companies only have a very limited sense of what the risk reduction will be, and there's a danger that customers switch insurance a few years later, so it's a complicated model for them.' One alternative is the model in place in Switzerland, where local insurance companies have a monopoly on coverage in many areas and insurance is compulsory. 'They can't charge according to risk under that model, so they have the incentives and the means to contribute to resilience,' Cacciatori said. 'They are heavily involved in discussions of building standards in which insurers in other countries are only beginning to be involved.' It would be very difficult to repeat that approach in countries with longstanding systems where major insurers are in constant competition nationwide. 'But there are some elements that you could learn from,' she added. For example, insurance associations could pool their expertise and would be collectively incentivised to push for reduced risks. 'Insurers shouldn't be investing directly in resilience or mitigation measures,' she said. 'Ultimately the responsibility for those decisions to be taken in the public interest has to lie with governments.' How likely is that to happen? There are huge obstacles to the kinds of reforms that will mean that people living in high-risk areas can find affordable insurance. For one thing, the incentives for politicians with an eye on the next election to advocate for models that would probably push up premiums aren't straightforward. And there are competing priorities that work in very different directions. It obviously isn't realistic to imagine that the entire population of somewhere like Los Angeles could up sticks and recreate the city somewhere safer, which means that a viable insurance industry is a non-negotiable; but if the world in 2050 looks very different to the one of 2000, it may not make sense to create incentives for people to live in places that are becoming much more dangerous. Part of the problem is that humans just aren't very good at weighing long-term risks against short-term benefits – a significant problem for the insurance system but also a fundamental feature of how the climate crisis has unfolded. A classic example of that tendency is the way that people have kept on buying coastal condos in Florida even though many of them may well be underwater in a few decades' time. Sign up to First Edition Our morning email breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion But there is evidence that reality is starting to set in: with major weather events causing more than $1bn in losses in the state in 2024, four of the 10 US cities where house prices dropped most last year were in Florida. 'We are starting to see signs that people are adjusting their expectations,' Cacciatori said. There are many seemingly intractable problems with reaching a sustainable solution, she added. 'But if I want to cheer myself up, I think about the way the status of green energy generation has changed over the last 15 or 20 years, and the incredible progress that has been made which wasn't thought to be possible. We can find ways to deal with these problems. But I'm very worried.' The Wicked promo tour was intense, to say the least. For weeks, my feed was flooded with talk of 'holding space' and users belting out 'wooOooO.' That said, Zoe Williams' interview with Cynthia Erivo (pictured above) is a gem, brilliantly unpacking her winding journey to the big screen. Nimo Shon Faye thought that her relationship with B would lead to her release from 'the constant inner chorus that sang to me about my unworthiness'; but, 'naturally, this didn't fucking happen'. Her essay about that break-up, and about love and heartbreak as a trans woman, is superbly written. Archie ICYMI: The most recent edition of You be the judge featured a housemate dispute straight out of a nightmare. Richard works from home full-time, and Maeve thinks he should cover more of the bills. It's the kind of petty clash that can make cohabiting unbearable. What's your verdict? (Mine: Maeve needs to stop nitpicking.) Nimo 'In the justification for what has been done to Gaza's children hides the most extreme form of dehumanisation from which all Palestinians suffer,' writes Nesrine Malik. Her column does a remarkable job of communicating the depths of that loss. Archie Aida Edemariam's conversation with neuroscientist Camilla Nord about her latest book The Balanced Brain is an interesting exploration on how the centuries old 'conceptual division between mind and body' that has underpinned western medicine is causing 'preventable and relievable harm'. Nimo Football | Leicester piled the pressure on beleaguered Tottenham manager Ange Postecoglou (pictured above) with a 2-1 win at White Hart Lane leaving Spurs 15th in the table. Lisandro Martínez's deflected winner gave Manchester United a 1-0 win at Fulham to ease the pressure on Ruben Amorim. Elsewhere, Aston Villa drew 1-1 with West Ham, and Brentford defeated Crystal Palace 2-1. Tennis | Jannik Sinner and Madison Keys triumphed in the Australian Open over the weekend. Here are the best images from the year's first grand slam. Rugby union | Finn Russell inspired Bath to a 23-32 victory at Sale, who were missing eight England players due to international commitments. 'Trump accused of 'ethnic cleansing' over call for Palestinians to quit Gaza' is the Guardian's lead story. The Express says 'Never forget' to mark the 80th anniversary of the liberation of Auschwitz, while the Mirror runs one survivor's story under the headline 'I'm here for my family'. 'Smuggler gangs logged out' – the Metro reports that 8,000 social media accounts promoting illegal Channel crossings have been taken down. 'A&E patients may be treated at home in Streeting's overhaul of NHS' says the i. The Times splashes with 'Starmer to defy Trump over cash for defence' while the Telegraph has a more muted take: 'Starmer and Trump set path for state visit'. Top story in the Daily Mail is '4 million face monster hike to council tax' and in the Financial Times it's 'EU faces mounting pressure to slash 'frivolous' climate change red tape'. The radical new treatment helping people with psychosis Jenny Kleeman reports on a new therapy where patients who suffer from psychosis create a digital avatar of the voices they hear A bit of good news to remind you that the world's not all bad There's nothing more universally delightful than majestic animal photos, and this picture essay showcasing some of the week's best wildlife photography is a real treat. It whisks you away, from the undergrowth of Kenya, where wild kittens roam, to a drowsy fur seal lounging in New Zealand. One shot of fluffy wild goats foraging in a snowy landscape looks like a scene straight out of Narnia. And the image of two hares intently eyeing up a crow on an icy German field is utterly, and hilariously, charming. And finally, the Guardian's puzzles are here to keep you entertained throughout the day. Until tomorrow. Quick crossword Cryptic crossword Wordiply
