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The rupee rose 2 paise to 84.40 against the US dollar in early trade on Tuesday amid a recovery in domestic equity markets and a weaker American currency against major Asian rivals.  Forex traders said, however, sustained outflow of foreign funds and an upward movement in crude oil prices put pressure on the local unit and capped its sharp gain. <br /><br /> At the interbank foreign exchange, the rupee opened at 84.39 and slipped further to 84.40 against the greenback, trading 2 paise higher from its previous close. <br /><br /> On Monday, the rupee recovered from its lowest level of 84.46 to settle 4 paise higher at 84.42 against the US dollar. <br /><br /> Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.09 per cent at 106.10. <br /><br /> Brent crude, the global oil benchmark, rose by 0.19 per cent to USD 73.44 per barrel in futures trade. <br /><br /> On the domestic equity market front, Sensex was trading 271.42 points, or 0.35 per cent higher, at 77,610.43 points. The Nifty advanced 105.55 points, or 0.45 per cent, to 23,559.35 points. <br /><br /> <keyword id="19932515" type="General" weightage="20" keywordseo="Foreign-Institutional-Investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 1,403.40 crore, according to exchange data.<br /><br /><b>SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms" target="_blank">Tata to buy a majority stake in Pegatron's iPhone plant in India</a><a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms" target="_blank">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms" target="_blank">JioStar announces plans starting at ₹15 – here’s everything you need to know</a></b><br />

Rupee rises 2 paise to 84.40 against US dollar in early trade

The recent PayTM saga exposed how <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> are finding it increasingly difficult to maintain sufficient security measures to ensure user authenticity and identity. Now, many fintech platforms are turning to artificial intelligence (AI) to address these challenges. A leading voice in this conversation is <keyword id="23488603" type="General" weightage="20" keywordseo="Rahul-Ayyappan" source="keywords">Rahul Ayyappan</keyword>, the Co-Founder and Chief Technology Officer (CTO) of <keyword id="23488605" type="General" weightage="20" keywordseo="Finacus-Solutions" source="keywords">Finacus Solutions</keyword> Pvt. Ltd.<br /><br />With over a decade of experience in shaping digital solutions for over 200 banks and financial institutions, Rahul sheds light on how AI can play a transformative role in addressing the issue of deepfakes and even strengthening eKYC (electronic Know Your Customer) systems.<br /><h2><keyword id="20095213" type="General" weightage="20" keywordseo="facial-recognition" source="keywords">Facial recognition</keyword> technology<br /></h2>AI algorithms can analyse facial features in-depth, detecting subtle inconsistencies that are often overlooked by human eyes. By examining dermal texture, facial feature depth, and lighting uniformity, AI can identify discrepancies indicative of deepfakes. Furthermore, AI can analyse the temporal consistency of facial movements in videos, identifying irregularities that may signal tampering.<br /><h2>Behavioural analysis<br /></h2>AI's ability to analyse micro-expressions, those brief, involuntary facial expressions that reveal genuine emotions, is crucial in detecting deepfakes. These expressions are difficult to replicate in fabricated media, making them a reliable indicator of authenticity. Additionally, AI can evaluate gait and gesture analysis, identifying inconsistencies that may suggest deepfake manipulations.<br /><h2>Consistency checks<br /></h2>AI can cross-reference data from various sources, such as document scans and live video KYC sessions, to identify inconsistencies in age, gender, or other demographic information. Geospatial validation can also be used to verify if the location of the eKYC session aligns with the user's stated address.<br /><h2><keyword id="19897671" type="General" weightage="20" keywordseo="machine-learning" source="keywords">Machine learning</keyword> models<br /></h2>AI models can be trained on vast datasets of real and fake images and videos to learn to identify patterns and anomalies associated with deepfakes. These models can continuously adapt and improve their accuracy as new deepfake techniques emerge.<br /><h2>Integration with ancillary technologies<br /></h2>Combining AI with other technologies, such as blockchain and thermal imaging, can further enhance <keyword id="22209857" type="General" weightage="100" keywordseo="deepfake-detection" source="keywords">deepfake detection</keyword> capabilities. Blockchain provides an immutable ledger of verified data, while thermal imaging can detect heat patterns on the face that are difficult to replicate in synthetic media.<br /><br />By leveraging these advanced AI techniques, <keyword id="23488602" type="General" weightage="20" keywordseo="eKYC-systems" source="keywords">eKYC systems</keyword> can significantly improve their ability to detect deepfakes and protect against identity theft and other fraudulent activities. As deepfake technology continues to evolve, AI will play a crucial role in ensuring the integrity and security of digital <keyword id="20470058" type="General" weightage="20" keywordseo="identity-verification" source="keywords">identity verification</keyword> processes.<br />  <div type="Article" hostid="261" msid="99803720" title="Aadhaar authentication rose to 2.31 billion in March 2023: IT Ministry data" mstype="2" mssubtype="0"></div><br />

Fintech expert shares 5 ways AI can help detect deepfakes in eKYC systems

A recent report by <keyword id="23201114" type="General" weightage="20" keywordseo="Centrum-Institutional-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Centrum Institutional Research" meta.hostid="261" meta.entityid="Centrum Institutional Research">Centrum Institutional Research</keyword> reveals a sharp rise in the number of <keyword id="21365016" type="General" weightage="100" keywordseo="wealthy-Indians" source="keywords">wealthy Indians</keyword> over the past five years. The data highlights that the number of individuals earning more than Rs 10 crore annually has surged by 63%, bringing the total count to approximately 31,800. Meanwhile, those earning over Rs 5 crore per annum now number 58,200, marking a significant 49% increase.<br /><h2>Wealth growth across <keyword id="23201527" type="General" weightage="20" keywordseo="income-tiers" source="keywords">income tiers</keyword></h2>The report not only tracks the increase in high earners but also highlights growth among those earning above Rs 50 lakh annually. Over the last five years, this group has expanded by 25%, with nearly 10 lakh individuals now in this income bracket.<br /><br />In terms of cumulative income, the report showcases rapid growth. The income of individuals earning over Rs 10 crore annually grew at a compound annual growth rate (CAGR) of 121% between FY19 and FY24, reaching a staggering Rs 38 lakh crore. Those earning more than Rs 5 crore annually saw their collective income grow by 106% CAGR, amounting to Rs 40 lakh crore.<br /><br />Similarly, the income of those earning over Rs 50 lakh per annum increased by 64%, totaling Rs 49 lakh crore over the same period.<br /><div type="Article" hostid="261" msid="113328057" title="The illegal maneuvers the rich use to get richer" mstype="2" mssubtype="0"></div>The Centrum report also forecasts significant growth for India's <keyword id="20301791" type="General" weightage="20" keywordseo="High-Net-Worth-Individuals" source="keywords">High Net Worth Individuals</keyword> (HNI) and <keyword id="21662893" type="General" weightage="20" keywordseo="Ultra-High-Net-Worth-Individuals" source="keywords">Ultra High Net Worth Individuals</keyword> (UHNI). By 2028, their combined financial assets are expected to rise from USD 1.2 trillion in 2023 to USD 2.2 trillion, driven by an annual growth rate of 13-14% over the period from 2023 to 2028. The <keyword id="23201526" type="General" weightage="20" keywordseo="mass-affluent-market" source="keywords">mass affluent market</keyword> is also projected to grow in early double digits during this time.<br /><h2>A gap in professional <keyword id="20074812" type="General" weightage="20" keywordseo="wealth-management" source="keywords">wealth management</keyword></h2>While the wealth of India's affluent is growing rapidly, the report highlights a key difference between India and advanced economies: only 15% of financial wealth in India is professionally managed, compared to 75% in more developed markets.<br /><br />This gap suggests a significant opportunity for the professional wealth management sector as India’s wealthy population continues to grow.<br /><br /><em>(With inputs from ANI)</em><br />

Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028

The generative AI provides more <keyword id="20069513" type="General" weightage="20" keywordseo="opportunity" source="keywords">opportunity</keyword> to the Indian IT sector contrary to the believe of being a threat, highlighted a report by Nuvama Wealth Management.<br /><br />The report noted that although AI <keyword id="19901571" type="General" weightage="20" keywordseo="technology" source="keywords">technology</keyword> may initially disrupt the sector, especially in terms of business operations and billing models, the long-term benefits far outweigh the risks.<br /><br />"We, on the contrary, expect the Indian IT industry to come out stronger from the <keyword id="19906101" type="General" weightage="100" keywordseo="Gen-AI" source="keywords">Gen AI</keyword>-led disruption. We dig deep into various facets of Gen <keyword id="20037918" type="General" weightage="20" keywordseo="AI-adoption" source="keywords">AI adoption</keyword> for enterprises and find that Gen AI would create a mammoth incremental opportunity for <keyword id="20617562" type="General" weightage="20" keywordseo="Indian-IT-services" source="keywords">Indian IT services</keyword>," said the report.<br /><br />The report noted that as more enterprises adopt AI, the need for services such as upgradation of legacy code and data readiness for AI integration will increase, offering Indian IT firms new streams of revenue.<br /><br />The report mentioned one of the most significant opportunities lies in the modernization of <keyword id="21835113" type="General" weightage="20" keywordseo="legacy-systems" source="keywords">legacy systems</keyword>, particularly core banking systems (CBS). It stated that many <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> still use mainframe systems and outdated programming languages like COBOL. Gen AI enables automated code modernization, which will drive a major demand for Indian IT services to upgrade these systems, creating a long-term revenue stream.<br /><br />"Since most non-Indian (read European) do not have the scale to hire and deploy employees with the ability to code in COBOL (not to mention supply crunch)--they have ceded this opportunity to <keyword id="21817095" type="General" weightage="20" keywordseo="Indian-IT-Services-companies" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian IT Services companies" meta.hostid="261" meta.entityid="Indian IT Services companies">Indian IT Services companies</keyword>" said the report.<br /><br />The report specifically highlighted the "upgradation of legacy code" as a key area of opportunity for IT companies as businesses prepare their systems for AI integration.<br /><br />Gen AI is expected to create new service lines for Indian IT companies, including AI-based <keyword id="19945906" type="General" weightage="20" keywordseo="customer-service" source="keywords">customer service</keyword>, fraud detection, predictive maintenance, and knowledge processing. These AI-driven solutions will allow IT firms to offer higher-value services to clients, boosting revenue and profit margins.<br /><br />"Indian IT companies have always repositioned themselves to continue to do what they do best--service customers. That has provided them with the longevity they have commanded for multiple decades now. We do not see that changing this time as well" the report added.<br /><br />Comparing Gen AI to "a hammer looking for a nail," the report suggested that the technology's applications are still being discovered, but its potential is undeniable.<br /><br />Looking ahead, the report forecasts a strong start to FY25 for Indian IT companies, with growth driven by an optimistic outlook for the Banking, Financial Services, and Insurance (BFSI) sector, increasing technology spending, and large deal ramp-ups.<br />

Gen AI to unlock a "mammoth incremental opportunity" for Indian IT services: Report

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor <keyword id="19918795" type="General" weightage="20" keywordseo="Swaminathan" source="keywords">Swaminathan</keyword> J on Wednesday said implementation of <keyword id="22784242" type="General" weightage="100" keywordseo="risk-based-premium" source="keywords">risk-based premium</keyword> for <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword> merits consideration as it will ensure that institutions with higher risk profiles contribute more to the insurance fund. Speaking at a conference in Jaipur, he also said that as the financial sector becomes more digitised, deposit insurers must work closely with regulators and supervisors to strengthen oversight mechanisms. <br /><br /> This includes regularly updating <keyword id="19946068" type="General" weightage="20" keywordseo="regulatory-frameworks" source="keywords">regulatory frameworks</keyword> to incorporate emerging risks associated with <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword>, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword>, and <keyword id="22180855" type="General" weightage="20" keywordseo="fintech-innovations" source="keywords">fintech innovations</keyword>. By adopting a proactive stance, deposit insurers can help ensure that <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> under their purview are adequately prepared to manage these risks, thereby safeguarding depositor confidence. <br /><br /> Swaminathan was addressing the International Conference of the International Association of Deposit Insurers- Asia Pacific Regional Committee (IADI-APRC) hosted by the Deposit Insurance Credit Guarantee Corporation (DICGC). <br /><br /> He further said the implementation of risk-based premium for deposit insurance "merits consideration". <br /><br /> "By tying insurance premiums to the level of risk posed by individual financial institutions, deposit insurers can incentivize banks to adopt stronger risk management practices. <br /><br /> "This approach not only enhances the overall stability of the financial system but also ensures that institutions with higher risk profiles contribute more to the insurance fund," the deputy governor said. <br /><br /> He also emphasised that deposit insurers can further mitigate technology risks by relying on supervisory rating assessments that incorporate evaluation of a financial institution's technological and operational resilience. <br /><br /> By using these assessments as a basis for setting insurance premiums or determining intervention strategies, deposit insurers can ensure that their actions are informed by a comprehensive understanding of each institution's risk profile, Swaminathan added. <br /><br /> The senior <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> official also asked deposit insurers to prioritise crisis preparedness and develop comprehensive contingency plans that account for technology-induced disruptions. <br /><br /> This includes conducting regular stress tests and simulations to assess the potential impact of cyber incidents or fintech failures on financial institutions and the broader financial system, he said. <br /><br /> The evolving technological landscape presents both significant challenges and opportunities for deposit insurers. <br /><br /> By adopting a proactive, risk-based approach, including enhanced oversight, risk-based premiums, reliance on supervisory ratings, faster claim settlements, and industry collaboration, deposit insurers can effectively manage these risks, the deputy governor said.

Risk-based premium for deposit insurance merits consideration: RBI Deputy Governor Swaminathan

<ul class="summary-list"><li>Four therapists shared what their clients from different tax brackets discuss in sessions.</li><li>Money can be a source of stress for both those on lower incomes as well as the <keyword id="20766455" type="General" weightage="20" keywordseo="ultra-rich" source="keywords">ultra-rich</keyword>. </li></ul>We may think getting that big promotion with a hefty pay rise would solve all our problems, but would it?<br /><br />As Business Insider learned from interviewing therapists with clients across the socioeconomic spectrum —from <a target="_blank" class="" href="https://www.businessinsider.com/alices-dinks-henrys-fires-economy-guide-2024-6">ALICEs to HENRYs</a> and beyond — while it's easy to see why having a low income can cause stress — particularly with <a target="_blank" class="" href="https://www.businessinsider.com/wealth-inequality-so-bad-will-take-230-years-end-poverty-2024-1">growing wealth inequality</a> — rich people have their own worries. <br /><br />So what are people across the tax brackets discussing with their therapists?<br /><br /><h2>People on low incomes</h2>Anna Nathanson, a licensed clinical social worker and therapist based in New York, runs a website called Low-Cost Therapy NYC. She said that "financial instability really eats at people's souls."<br /><br />It affects not only people's physical well-being but also their interpersonal relationships and self-worth, which is linked to money for many.<br /><br />Clients might talk about <a target="_blank" href="https://www.businessinsider.com/personal-finance/rules-spender-saver-relationship-build-wealth-2021-9">arguing about money with their partner</a>, job hunting, having to rely on friends for childcare, or how their income affects their self-esteem, Nathanson said. <br /><br />She has also helped patients work through chronic trauma responses, such as depression or nightmares, that they have developed from repeatedly not having their basic needs met.<br /><br />  <div type="image" title="A couple sat, arguing." height="1414" width="2121" msid="114215104" hostid="261"></div>Dr. Ashley Castro, a New York-based clinical psychologist who started Healwise, an affordable and accessible therapy nonprofit, said: "Poverty brings with it so many different kinds of stress."<br /><br />She added: "There is a lot that's out of their control that can be difficult emotionally. It's just a reality that life can be tough if you don't have a lot of money."<br /><br /><h2><keyword id="23623471" type="General" weightage="20" keywordseo="ALICEs" source="keywords">ALICEs</keyword></h2><a target="_blank" href="https://www.businessinsider.com/alice-living-paycheck-to-paycheck-without-government-assistance-snap-medicaid-2024-5">ALICEs</a> (Asset Limited, Income Constrained, Employed) are people who earn enough to sit above the federal poverty line but struggle with the cost of living.<br /><br />  <div type="image" title="A birds-eye view of a woman typing on a calculator and looking at her bills" height="1414" width="2121" msid="114215097" hostid="261"></div>Traci Williams, a psychologist and certified financial therapist in Atlanta, said that people with little money can end up overspending and getting into debt because they might be "trying to live a life that they desire for themselves that they cannot yet afford."<br /><br />On the other hand, people who have <em>become</em> ALICEs — for instance those who have lost wealth or grew up in financially stable homes butdon't make as much as their parents — may develop <a target="_blank" href="https://www.businessinsider.com/personal-finance/money-anxiety-scarcity-mindset-generational-trauma-2022-6">scarcity mindsets</a>, Williams said.<br /><br />As such, while some ALICEs will discuss in therapy their need to hoard money others talk about wanting to "live it up" and spend recklessly when they are able, she said.<br /><br /><h2>HIFIs</h2><a target="_blank" href="https://www.businessinsider.com/americans-feel-financially-insecure-wont-stop-luxury-shopping-millennials-genz-2024-5">HIFIs</a> (<keyword id="23623474" type="General" weightage="20" keywordseo="high-income" source="keywords">High Income</keyword>, Financially Insecure) earn a high salary, but spend so much they end up living paycheck to paycheck.<br /><br />Just over half of people who make $100,000 or more live paycheck to paycheck, a 2023 report by PYMNTS, a data-analytics company, and LendingClub, a financial-services company, found.<br /><br />  <div type="image" title="A woman in a green jumper, looking out a window and away from her phone." height="1086" width="1629" msid="114215098" hostid="261"></div>"That is not because they don't have enough, but it's often because they are overspending or not financially aware," Williams said.<br /><br />This may be due to the <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-causes-inflation">increased cost of living</a>, which has contributed to many people's <keyword id="22941859" type="General" weightage="20" keywordseo="financial-insecurity" source="keywords">financial insecurity</keyword>, she said.<br /><br />Many of Williams' clients say they also feel pressured to spend above their means in order to keep up with the lifestyles of their peers that they see on social media.<br /><br /><h2><keyword id="23623470" type="General" weightage="20" keywordseo="HENRYs" source="keywords">HENRYs</keyword></h2>Some <a target="_blank" href="https://www.businessinsider.com/henry-student-loans-six-figure-income-millennial-gen-z-retirement-2023-11">HENRYs</a> (High Earners, Not Rich Yet) might seem wealthy to others, but still worry about having enough money, Williams said, because "it's all relative."<br /><br />She gave the example of higher-earning clients who <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/how-to-invest-in-stocks">invest in stocks</a> and worry markets could crash at any time, despite that being unlikely.<br /><br />  <div type="image" title="A stressed men looking a stock market graph on a laptop." height="1414" width="2121" msid="114215100" hostid="261"></div>HENRYs who didn't grow up with much money might tell Nathanson that they feel guilty being wealthy, she said. They might also talk about feeling uncomfortable receiving gifts because they don't feel deserving, she said.<br /><br />Or they may feel the reverse and have an unnecessary scarcity mindset. Such people often talk to Nathanson in therapy about feeling "really <a target="_blank" href="https://www.businessinsider.com/young-people-are-developing-money-dysmorphia-2024-7">nervous about spending</a> anything and feeling like they can't indulge in any way."<br /><br />Two HENRYs in a couple, meanwhile, might want to discuss tension in their relationship if they have different ways of thinking about shared wealth, she said.<br /><br /><h2>Ultra-high net worth individuals</h2>"The stereotype is that rich people problems aren't real problems, that they're just in therapy talking about really inconsequential trivial things," Castro said. "But my patients have real issues and they genuinely struggle."<br /><br />Dr. Paul L. Hokemeyer, a licensed marriage and family therapist and clinical consultant to <a target="_blank" href="https://www.businessinsider.com/what-ultra-high-net-worth-investors-are-buying-family-office-2024-6">ultra-high net-worth people</a>, based in Colorado, agreed with Castro. <br /><br />"At the core, people of wealth suffer from the same mental health and relational issues as the rest of humanity," he said.<br /><br />  <div type="image" title="A man and woman sit far apart in a fancy apartment." height="1414" width="2121" msid="114215106" hostid="261"></div>For example, Hokemeyer helps people who feel "objectified" and "vilified" because of their wealth; who feel pressure to use it in productive ways; and who deal with the "highly stressful and chaotic" process of starting a business.<br /><br />Well-off children and teens, meanwhile, must often deal with the expectation that they will get into <a target="_blank" class="" href="https://www.businessinsider.com/extreme-moves-gifts-parents-use-get-kids-into-prestigious-preschools-2020-6">elite educational institutions</a> with intense workloads, Castro said. The pressure to achieve can cause problems with perfectionism and anxiety disorders, as well as depression from a lack of downtime and fun.<br /><br />Williams said that she sees a lot of guilt and hopelessness in her wealthier clients, because they realize they can't make as big a difference in the world as they would like to. And, as people live longer, she said that some worry about not having enough money to sustain their lifestylesas they get older. <br /><br />Wealth can also cause issues within families, she said, with disagreements over wills, estates, and spending on vacations.<br /><br />According to Hokemeyer, "wealth can be both a blessing and a curse," but, at the end of the day, "emotions are emotions, pain is pain."<br /><br /><em>Correction: October 16, 2024 — An earlier version of this story misspelled the first name of a psychologist and financial therapist in Atlanta. Her name is Traci Williams, not Tracy. An earlier version also misstated the name of a financial-services company. It’s LendingClub, not LendingCompany. </em><br />

From ALICEs to HENRYs, here's what people across the tax brackets discuss in therapy

<ul class="summary-list"><li>The <a target="_blank" class="" href="https://www.businessinsider.com/florida-residents-moving-leaving-climate-change-refugees-hurricanes-flood-2023-2">climate crisis</a> is an often-hidden financial risk when buying a house.</li><li>A few online tools can help you assess that risk and possible costs by address.</li></ul><p>If you're <a target="_blank" class="" href="https://www.businessinsider.com/florida-man-refused-leave-hurricane-proof-home-basically-unharmed-milton-2024-10">shopping for a house</a>, you're probably thinking ahead and planning for your future.</p><p>Here's the thing, though: By the end of a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/mortgages/will-mortgage-rates-go-down-this-year">30-year mortgage</a>, you'll be living on a pretty different planet.</p><p>Even if companies and governments across the world make some drastic changes — and that's a big "if" — humanity's carbon emissions have already locked in some additional warming for decades to come. That means more intense and sometimes more frequent floods, wildfires, hurricanes, winter storms, and other forms of <a target="_blank" class="" href="https://www.businessinsider.com/housing-market-outlook-analysis-prices-rising-extreme-weather-risk-jpmorgan-2024-2">extreme weather</a>.</p><p>You and your house could suffer everything from headaches and declining <a target="_blank" class="" href="https://www.businessinsider.com/housing-market-higher-home-prices-climate-change-air-quality-impact-2024-2">property value</a> to giant bills and life-threatening events.</p><p>That's why it's important to take stock of the <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-housing-market-prediction-sun-belt-climate-change-zelman-2024-7">climate risks your home faces</a> in the coming decades.</p><p>It's impossible to know exactly what will happen, but a few <a target="_blank" class="" href="https://www.businessinsider.com/tool-determines-home-climate-risk-heat-wind-bad-air-2024-3">online tools</a> can give you an idea of the risks — as well as the costs you could incur and what you can do about it — depending on which house you buy.</p><h2 id="f72716a3-6428-4f34-94f8-2f3ebf4d7693">Learn about the possible damages</h2><p>The <a target="_blank" class="" href="https://www.businessinsider.com/zillow-gone-wild-weird-unique-houses-homes-hot-homebuying-selling-2024-7">most popular real-estate website</a> in the US, Zillow, has a new feature to peer into the potential climate future of each listing. </p><p>The new "climate risks" tool shows <a target="_blank" class="" href="https://www.businessinsider.com/map-shows-united-states-extreme-heat-belt-study-2022-8">how many days of extreme heat</a> and unhealthy air quality a property is expected to see over the next 30 years, assuming humanity is on track to stabilize climate change by 2100.<strong> </strong>The tool also shows the likelihood of more destructive events: floods, wildfires, and windstorms.</p><div type="image" title="group of people watch wildfire burning home in the hills with palm trees" height="1771" width="2500" msid="114374425" hostid="261" sizebytes="281278"></div><p>These assessments come from First Street, a former nonprofit that became a for-profit company this year, which uses computer models to quantify certain weather and climate risks for individual properties. First Street says it incorporates a <a target="_blank" class="" href="https://www.businessinsider.com/maui-wildfires-lahaina-wooden-house-spared-among-rubble-2023-8">building's specific structural characteristics</a>, as well as local infrastructure like roads and utilities.</p><p>"If you don't take stock of the climate risk specifically, you could be in over your head," Jeremy Porter, the head of climate implications research at First Street, told Business Insider.</p><p>For example, if the cost of flood or wildfire insurance spikes as it already has in places like <a target="_blank" class="" href="https://www.businessinsider.com/homeowners-california-florida-insurance-issues-natural-disasters-wildfires-hurricanes-2023-10">Florida and California</a>, "all of a sudden your household budget doesn't make any sense for the property that you ended up buying," he said.</p><p>The new Zillow tool also makes recommendations about insurance based on First Street's analysis.</p><p>To dive even deeper, you can go to First Street's website and get a free trial of its paid service, which shows ballpark estimates of how much a flood or fire could cost you, expected cooling costs, and projections of <a target="_blank" class="" href="https://www.businessinsider.com/florida-insurance-hurricanes-extreme-weather-relocate-to-ocala-2023-10">insurance prices</a>. You can also toggle certain renovations to see how they impact those costs.</p><h2 id="0eef8ad3-480e-4072-aadf-cb64222742c5">Remember those estimates aren't a crystal ball</h2><p>Climate-science experts outside the company have some reservations about First Street's flood and wildfire estimates, though.</p><p>Michael Wara, a senior research scholar at the Stanford Woods Institute for the Environment, told <a target="_blank" class="" href="https://heatmap.news/guides/zillow-climate-risk-flooding-fire">Heatmap News</a> to take First Street's calculations with "a lot of grains of salt."</p><p>Heatmap reported that First Street probably underestimates <a target="_blank" class="" href="https://www.businessinsider.com/photos-wildfire-burns-multimillion-dollar-homes-in-california-orange-county-2022-5">wildfire risk</a> in wildfire-prone areas and that flood risk is very difficult to accurately model. You can try to cross-check flood risk with other sources like seeing if the town or city has flood maps available.</p><p>"Everything that we're offering are probabilistic risk estimates," Porter said.</p><p>"I think that just in general, the models give you a pretty good indication of which properties are riskier than other properties," he added.</p><h2 id="ea2c710b-3a7a-45fe-b58f-971596d4b019">Then check local building codes…</h2><p id="ea2c710b-3a7a-45fe-b58f-971596d4b019">Once you know the climate risks, you can assess <a target="_blank" class="" href="https://www.businessinsider.com/photos-why-some-homes-survive-hurricanes-lessons-homeowners-2024-10">how well a property is built</a> to withstand them.</p><div type="image" title="slumping one-story grey and wood panel house with panels ripped away next to a standing yellow house" height="1500" width="2249" msid="114374424" hostid="261" sizebytes="407800"></div><p id="ea2c710b-3a7a-45fe-b58f-971596d4b019">A good indicator of that is the local building code and whether the house is built to its standards. The Federal Alliance for Safe Homes has a tool for checking that at <a target="_blank" href="http://inspecttoprotect.org">inspecttoprotect.org</a>.</p><p id="ea2c710b-3a7a-45fe-b58f-971596d4b019">Not only does FLASH rate the local building code, but the tool also shows information about the area's past <a target="_blank" class="" href="https://www.businessinsider.com/who-how-profit-natural-disasters-hurricanes-wildfires-storms-investors-2023-8">natural disasters</a> and suggests upgrades.</p><h2 id="03112be6-cab7-49c5-9eed-55cc34037179">... and consider renovations</h2><p id="ea2c710b-3a7a-45fe-b58f-971596d4b019">In the FLASH tool, you can select the year a house was built to see what <a target="_blank" class="" href="https://www.businessinsider.com/tiny-home-renovation-old-abandoned-cottage-scotland-before-after-photos-2022-7">renovations</a> would strengthen it against different natural disasters. Each upgrade has a cost and impact rating.</p><p id="ea2c710b-3a7a-45fe-b58f-971596d4b019">Taking matters into your own hands could make a big difference because, <a target="_blank" class="" href="https://www.fema.gov/emergency-managers/risk-management/building-science/bcat#:~:text=FEMA%20tracks%20the%20building%20code,simply%20by%20its%20acronym%2C%20BCAT.">according</a> to the Federal Emergency Management Agency, only about one-third of US jurisdictions have adopted up-to-date codes to match their natural hazards.</p><p id="ea2c710b-3a7a-45fe-b58f-971596d4b019">Even then, building codes are often designed to protect the lives of people inside the house, but not necessarily<strong> </strong>to prevent <a target="_blank" class="" href="https://www.businessinsider.com/florida-homeowner-milton-tearing-through-neighborhood-cant-sleep-2024-10">expensive property damage</a>.</p><p id="ea2c710b-3a7a-45fe-b58f-971596d4b019">"You got to at least have a good building code, but that's a starting point. It's not your gold standard, it's your minimum," Leslie Chapman-Henderson, FLASH's president and CEO, told BI.</p><p id="ea2c710b-3a7a-45fe-b58f-971596d4b019">In some cases, renovations and upgrades can even help lower your insurance costs.</p>

Before buying a home, check this hidden financial risk

<keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">Foreign investors</keyword> are currently making a beeline for <keyword id="19894886" type="General" weightage="100" keywordseo="China" source="keywords">China</keyword>, enthused by the gush of <keyword id="23496485" type="General" weightage="20" keywordseo="financial-stimulus" source="keywords">financial stimulus</keyword> injected by the government into the Chinese economy. While this may have temporarily sent their stock markets soaring, a recent report by the <keyword id="19899824" type="General" weightage="20" keywordseo="World-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="World Bank" meta.hostid="261" meta.entityid="World Bank">World Bank</keyword> notes that this might not be enough to push back the <keyword id="19904090" type="General" weightage="20" keywordseo="economic-slowdown" source="keywords">economic slowdown</keyword> that has already set in. China's growth rate is projected to slack further to 4.3% in 2025, down from its present rate of 4.8%. The <keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords" meta.keywordsubtype="org" meta.entityname="OECD" meta.hostid="261" meta.entityid="OECD">OECD</keyword> also expects the country's growth to slow down to 4.5% in 2025<br /><br />Experts believe that the recent economic push by the government, which includes lowering reserve requirement ratio (RRR) by 0.5% to 6.6%, lowering mortgage rates, injecting $142 billion into banks, among others, are too little to sustain long-term recovery. Notably, lowering RRR frees up $140 billion for banks to lend, while reducing mortgages and minimum down payments for housing purchases are directed to spur up the Chinese real estate segment. <br /><br />Per <keyword id="19906485" type="General" weightage="20" keywordseo="Goldman-Sachs" source="keywords" meta.keywordsubtype="org" meta.entityname="Goldman Sachs" meta.hostid="261" meta.entityid="Goldman Sachs">Goldman Sachs</keyword>, weak domestic demand, dwindling consumer confidence and spending and an endless real-estate crisis are some of the main reasons for the slowdown.The average Chinese citizen still grapples with job insecurity, stagnant salaries, and depreciating real estate and equity values. <br /><br />For instance, China's last public holiday of the year, the Golden Week, which ended on October 7 and commemorates the nation's founding, saw 2% less spending per domestic trip, as compared to pre-pandemic levels. "Low tourism spending per head and subdued services prices highlight the still weak domestic demand and continued consumption downgrading in the country,” the analysts at GS noted. <br /><br /><h2>Its all temporary</h2>The <keyword id="21360606" type="General" weightage="20" keywordseo="Hang-Seng-index" source="keywords">Hang Seng index</keyword>, which is up by 4.22% today, has been seeing a meteoric rise over the past few weeks. Inching up by a little over 24% over the last month, the Chinese markets have been seeing an significant influx of foreign investment, largely at the expense of other emerging markets like India. <br /><br />Foreign investors had offloaded shares worth Rs 27,142 crore between the first and third of this month, after foreign investments reached a staggering record-high of Rs 93,538 crore in September, as per NSDL data. Over the last 10 days, FIIs have constantly been net sellers, while DIIs have been net buyers. <br /><br />As of October 10th, DII (Domestic Institutional Investors) have put in Rs 50,183 crores in Indian markets, almost balancing out Rs 49,305.29 crore withdrawn by foreign investors. <br /><br />But whether this trend of FII inflow in China continues will largely depend on the fundamentals their economy, an area where India has an edge, thanks to strong confidence of domestic investors. <br /><br />Viram Shah, CEO of Vested Finance highlights that while the Hang Seng index's recent 26% surge over the last month has caught investors' attention, and while this bullish trend is expected to continue, driven by low Chinese stock valuations and hopes for economic improvement from government stimulus, there lies a long road ahead.  <br /><br />"Foreign Portfolio Investors (FPIs) pulled out $5.4 billion from Indian equities over five consecutive sessions, ending Monday, October 7. While this suggests a possible rotation of funds from India to China, how long this shift will last will depend on the Chinese government’s ability to resolve the structural economic issues. While the market rally is encouraging, more policy steps are needed to boost economic activity and confidence in China", he added. <br /><br />

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