Climate change is reaching “tipping points” warns insurer

A joint reports from Allianz and green group WWF, warns the world is heading for "tipping points" in the climate system that would lead to damage worth hundreds of billions of dollars, the FT reports.

More than $25,000bn (€16,900bn, £15,000bn) of property would be at stake in the world's biggest coastal cities alone if sea levels were to rise 50cm by 2050.

South-western states of the US, including most of California, would suffer severe drought and dustbowl conditions.