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Disaster insurers tap under-protected emerging markets…and more

Chris Christie sees ‘real immaturity’ in Marco Rubio after snowstorm joke

Chris Christie on Sunday accused Marco Rubio of showing “real immaturity”, after the senator, a rival in the race for the Republican presidential nomination, joked about the winter storm which hammered the US eastern seaboard…

 

Stunning nostalgic photographs reveal California’s 123-year-old mountain railway before it was destroyed by a spate of fires and floods

The Mount Lowe Railway, which now stands in ruins in Los Angeles, California, was the third in a series of scenic mountain railways built in America to boost tourism in the area

The Mount Lowe Railway, which now stands in ruins in Los Angeles, California, was the third in a series of scenic mountain railways built in America to boost tourism in the area

The Mount Lowe Railway, which now stands in ruins in Los Angeles, California, was the third in a series of scenic mountain railways built in America to boost tourism in the area. Opening in 1893, the line became the first electric railroad ever built in the United States and stretched across seven miles, starting in Altadena, at a station named Mountain Junction, and travelling along Mount Lowe and Echo Mountain – home to the former tourist favourite, the Echo Mountain House hotel. However, gradually as time passed by, less and less people visited the attraction, which travelled 5,606ft up Mount Lowe, as it was slowly losing its appeal due to issues caused by natural disasters…

 

Disaster insurers tap under-protected emerging markets

When an April 2015 earthquake ravaged Nepal, killing 9,000 people and destroying half a million homes, insurers say the money paid out to victims amounted to less than a tenth of that received by Americans hit by winter snowstorms earlier in the year. The figures reveal a huge potential market yet to be tapped in the developing and emerging world, major insurers said at an annual four-day gathering of billionaires and the political and business elite in Davos, Switzerland, which wrapped up Saturday. Illustrating the paucity of insurance taken out in developing and emerging markets, re-insurance group Swiss Re’s initial estimates indicate that the $6 billion…

 

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