| US home insurance rates are expected to reach a record high this year, with the biggest increases occurring in states prone to severe weather events, according to a new analysis. The average premium for homeowner insurance in the US is expected to hit $2,522 by the end of the year, driven largely by intensifying natural disasters, rising reinsurance costs and higher fees for home repair. That figure would represent a 6% increase over the average US premium at the end of 2023, and follows a roughly 20% increase across the past two years. “Many Americans are motivated to buy a home because they think their housing costs will remain fixed or stable when compared to renting,” says Cassie Sheets at Insurify, who co-authored the analysis. “But this trend of significant insurance rate hikes makes housing costs more unpredictable.” —Natasha Solo-Lyons Who is a major beneficiary of sanctions on Russian and Venezuelan oil? US suppliers who have muscled their way into markets once dominated by OPEC and its allies. US oil exports have set five new monthly records since Western nations began imposing sanctions on Russia, after the Kremlin launched its full-scale invasion of Ukraine. And with trade restrictions on Venezuela set to renew in April, American barrels are beginning to displace sanctioned oil in India, one of the bigger markets for illicit crude. United Airlines asked pilots to take unpaid time off next month, blaming late deliveries of new aircraft from embattled planemaker Boeing. The delays have reduced the number of hours United planned for its pilots to fly this year. The company didn’t specify how many hours would be cut. The US Federal Aviation Administration is examining United’s operations and considering actions that could curb the airline’s growth plans, Bloomberg reported last month.  Photographer: Spencer Platt/Getty Images Elon Musk is now officially Austin’s largest private employer. Tesla boosted headcount 86% last year to 22,777 in the fast-growing region in Texas, where the carmaker churns out Model Y SUVs and Cybertrucks. It surpassed grocery-store chain H-E-B, according to a new annual compliance report Tesla filed with Travis County’s economic development program. Still, Tesla may be headed for a gloomy milestone as waning demand for electric vehicles and elevated interest rates take their toll. Analysts rapidly lowered projections for this week’s deliveries report as the quarter came to a close. Some on Wall Street are even bracing for Tesla’s first sales decline since the early days of the pandemic. On average, analysts surveyed by Bloomberg estimate Tesla delivered 453,964 vehicles in the quarter. That would be down more than 6% from the company’s record showing in the fourth quarter. Recep Tayyip Erdogan suffered an unprecedented defeat at the ballot box against Turkey’s main opposition party, amid rampant inflation and the highest borrowing costs since he swept to power two decades ago. Turkey’s lira reversed earlier losses and surged against the dollar on Monday.  Recep Tayyip Erdogan. Photographer: Akos Stiller/Bloomberg Donald Trump’s net worth tumbled by $1 billion along with shares of his social media business after it disclosed a $58 million loss in 2023. Trump Media & Technology Group’s stock fell 21% on Monday to $48.66, below the level where the blank-check vehicle it merged with was trading a week ago. Caribbean “golden passports” are getting more expensive, a response to pressure from the US and the European Union to crack down on citizenship sales. A group of four Caribbean nations has agreed to charge at least $200,000 for their passports starting June 30, double the current rate in some cases. The countries will also close loopholes that allowed passports to be sold at a discount. A steady rise in the price of cocoa beans over two years became a rocket in March, with futures contracts more than doubling to reach a level twice as high as the previous record. It’s a progression that has its literal roots in small West African farms, but also involves climate change and the intricacies of the futures market. The latest surge has been driven in part by the kind of financial turmoil that can happen when commodities rise so fast that they overwhelm strategies meant to protect against volatility.  Dried cocoa beans at the Somos Cacao farm and production facility in Ragonvalia, Colombia. Photographer: Ferley Ospina/Bloomberg Get the Bloomberg Evening Briefing: If you were forwarded this newsletter, sign up here to receive Bloomberg’s flagship briefing in your mailbox daily—along with our Weekend Reading edition on Saturdays. 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