Utility giant PG&E has agreed to a second large settlement over devastating Northern California wildfires, saying it will pay $11 billion to resolve most insurance claims from the wine country fires in 2017 and massive Camp Fire in 2018. “These claims are based on payments made by insurance companies to individuals and businesses with insurance… Continue reading PG&E Agrees to Pay $11 Billion Insurance Settlement Over California Wildfires
Tag: CA wildfires
Report Finds Nearly 776,000 Homes at Extreme Risk of Wildfire Damage this Year
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its 2019 Wildfire Risk Report, which finds nearly 776,000 homes with an associated reconstruction cost value of more than $221 billion at extreme risk of wildfire damage. California metropolitan areas comprise a significant portion of the top 15 regions with the most… Continue reading Report Finds Nearly 776,000 Homes at Extreme Risk of Wildfire Damage this Year
PG&E Plan Offers Nearly $18B to Wildfire Victims and Public Entities
PG&E Corp. on Monday unveiled a plan to settle billions of dollars in wildfire-related claims and exit bankruptcy next year as it seeks to prevent creditors from taking over the embattled company. The preliminary proposal contemplates raising billions in debt and equity to cover fire damages and emerge from bankruptcy court by June 2020, a… Continue reading PG&E Plan Offers Nearly $18B to Wildfire Victims and Public Entities
New Data Shows Growing Fire Insurance Dilemma in California
New data collected by the California Department of Insurance shows insurance is becoming harder to find for those in high wildfire-risk areas as a result of recent wildfires. According to a news release, the data reveals there was a 6% increase in insurer-initiated homeowner policy non-renewals in Cal Fire State Responsibility Areas from 2017 to… Continue reading New Data Shows Growing Fire Insurance Dilemma in California
Insurers’ Non-Renewal Rate Rises in CA ZIP Codes Hit by Wildfires in 2015, 2017
Traditional home insurers are backing away from insuring homes in high-risk wildfire areas in California, new data from the state’s insurance regulator shows. Homeowners in fire-prone regions have complained in the past year about being dropped from their home-insurance policies and forced to buy coverage from surplus carriers or from the state insurer of last… Continue reading Insurers’ Non-Renewal Rate Rises in CA ZIP Codes Hit by Wildfires in 2015, 2017
PG&E Faces SEC Investigation Related to Wildfire Accounting
PG&E Corp. said the Securities and Exchange Commission has opened an investigation into the company’s disclosures and accounting for losses related to California wildfires. The investigation, tied to fires in 2015, 2017 and 2018, represents a new problem for the troubled utility, which filed for bankruptcy protection earlier this year, citing wildfire-related liability costs. It… Continue reading PG&E Faces SEC Investigation Related to Wildfire Accounting