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This is what owning multi-location weather coverage looks like. Multiple locations. One policy. Rain falls. The payout settles. No claim. No adjuster. No negotiation.

The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees. The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance. Access to all other Claude models is not affected. We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible. Read our full statement: anthropic.com/news/fable-myt…

$107 billion in insured catastrophe losses. $220 billion in total economic losses. The gap between those numbers is where the next generation of insurance gets built.

2025 was called a “quiet year.” No hurricane made U.S. landfall. Catastrophe losses still exceeded $100 billion for the sixth straight year. Maybe we’re measuring the wrong thing.

Less than half of catastrophe losses were covered in 2025. The protection gap isn’t shrinking. It’s widening.

$107 billion in insured catastrophe losses. That’s the headline. $220 billion in total economic losses. That’s the story.

Self-insurance: Absorbing a known, recurring, measurable financial risk with no transfer mechanism.

The strange part? Coverage for many of these risks already exists. Most businesses just never knew it was available.

A heat wave hits. Rain keeps customers home. Smoke shuts down outdoor operations. Revenue drops. The business absorbs the loss. That’s self-insurance.

Most businesses already self-insure against weather. They just don’t call it that.

A quiet hurricane season doesn’t mean a quiet risk year. It just means the risk shows up differently.

El Niño doesn’t reduce weather risk. It redistributes it. More heat. More drought. More wildfire conditions. More extreme rainfall.

El Niño is developing. Most people hear that and think fewer hurricanes. That’s the wrong takeaway.

Businesses budget for seasonality. They don’t budget for volatility. That’s the gap nobody’s talking about.

Five, six, seven days above a heat threshold. Outdoor work stops. Foot traffic drops. Cooling costs spike. Revenue quietly bleeds out. That loss never shows up in a claims filing. It shows up on the P&L three months later.

The economic damage from heat doesn’t come from record-breaking days. It comes from sustained streaks.

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