Financial analysis firm Demotech has affirmed the financial stability ratings (FSRs) of 51 Florida property insurers after reviewing the quality and quantity of the companies’ reinsurance protection. Based on its compilation of the year-end 2018 financial information of these carriers, Demotech concluded that their reinsurance programs were sufficient to expect reimbursement for outstanding losses and… Continue reading Florida Insurers Remain Stable Due to Reinsurance Protection: Demotech
Tag: cat coverage
Many CA Homeowners Forced to Turn to Nonstandard Insurers in the Wake of Wildfires
Californians who want to insure their homes against the next wildfire are paying a price for two years of record-breaking blazes. Home-insurance companies in the Golden State are canceling some policies, refusing to sell new ones in certain areas and applying for rate increases as they look to reduce wildfire risk. “It’s getting harder and… Continue reading Many CA Homeowners Forced to Turn to Nonstandard Insurers in the Wake of Wildfires
Fitch Ratings: November Wildfires Expected to Have Modest Impact on YE P/C Results
In Fitch Ratings’ recently published 2019 property/casualty outlook, our estimate of the overall industry combined ratio for the year is projected at 99%, including catastrophe losses from the fourth-quarter California wildfires. While gross insured losses from the fires have been significant, a considerable amount of these losses are expected to be ceded to various global… Continue reading Fitch Ratings: November Wildfires Expected to Have Modest Impact on YE P/C Results
AIG Hit with $750M-$800M Q4 Catastrophe Losses: CEO Reports
American International Group Inc has racked up an estimated $750 million to $800 million in catastrophe losses so far during the 2018 fourth quarter, its chief executive officer said on Wednesday. Still, the company’s general insurance unit is on track to enter 2019 “at a slight underwriting profit,” AIG CEO Brian Duperreault said at the… Continue reading AIG Hit with $750M-$800M Q4 Catastrophe Losses: CEO Reports
AIR Worldwide Estimates Insured Losses from Woolsey Wildfire Will Be At Least $2.5B
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses from the Woolsey Fire in Southern California will be at least USD 2.5 billion. Note that AIR’s estimate of insured losses is based on the assumption of nearly 100% take-up rates. The fact that damage from fire, including wildfire, is included in standard homeowners’… Continue reading AIR Worldwide Estimates Insured Losses from Woolsey Wildfire Will Be At Least $2.5B
Puerto Rico Approves Laws for Insurance Holders Post-Maria
The governor of Puerto Rico overhauled the U.S. territory’s insurance laws on Tuesday to help protect policy holders as thousands of claims remain unresolved more than a year after Hurricane Maria. Gov. Ricardo Rossello signed six laws into effect as he stressed that his administration was not pleased with how insurance companies handled complaints filed… Continue reading Puerto Rico Approves Laws for Insurance Holders Post-Maria
Deadly California Fires Prompt Bold Thinking About Prevention: Shelters, Strict Zoning, Buyouts
Over the years, California has told homeowners to clear brush around houses, required builders to use fire-resistant materials and ordered them to provide easy access to new developments. But that didn’t prevent the deaths of 43 people in last year’s wine country fire siege. It didn’t prevent the destruction of more than 1,400 structures in… Continue reading Deadly California Fires Prompt Bold Thinking About Prevention: Shelters, Strict Zoning, Buyouts
California Wildfires Making State’s Insurance Crisis Even Worse
The Camp Fire in Northern California and the Woolsey Fire in suburban Los Angeles continue to burn, with the death toll reaching 48 as weather remains dry throughout the state. More than 6,700 structures have been lost in the raging fires in California. The total cost to the state, insurers and homeowners is expected to… Continue reading California Wildfires Making State’s Insurance Crisis Even Worse
Wildfires in California Blamed on Bad Building Decisions
California’s deadly wildfires have a straightforward solution, experts say: stop building homes in places that are likely to burn — and make homes that already exist in those areas a whole lot tougher. That approach, wildfire and climate policy experts are quick to add, would be expensive and unpopular, especially in a state with both… Continue reading Wildfires in California Blamed on Bad Building Decisions
Investors Flee As PG&E Faces Scrutiny Over Cause of Northern California’s Camp Fire
Investors are bailing out on PG&E as the troubled utility potentially faces more financial liability from the Camp Fire in Butte County, one of the state’s most deadly wildfires. PG&E’s stock price has fallen by one third since the utility disclosed to state regulators late Thursday that one of its transmission lines suffered an outage… Continue reading Investors Flee As PG&E Faces Scrutiny Over Cause of Northern California’s Camp Fire