For five years, PG&E Corp. repeatedly delayed a safety overhaul of a century-old high-voltage transmission line that is a prime suspect behind the deadliest wildfire in California history. The company told federal regulators in 2013 it planned to replace many of the towers, wires and hardware pieces on the line, called the Caribou-Palermo, regulatory filings… Continue reading PG&E Delayed Safety Work on Power Line That Is Prime Suspect in California Wildfire
Tag: catastrophe coverage
Bipartisan Senators Introduce Major Disaster Relief Package
U.S. Senators Johnny Isakson, R-Ga., David Perdue, R-Ga., Doug Jones, D-Ala., Marco Rubio, R-Fla., Rick Scott, R-Fla., Tim Scott, R-S.C., Dan Sullivan, R-Alaska, and Thom Tillis, R-N.C., introduced a bipartisan disaster relief package with the backing of President Donald J. Trump. Congress will consider the legislation with funding for areas including Georgia and other states… Continue reading Bipartisan Senators Introduce Major Disaster Relief Package
Insurers Worry a Financial Crisis May Come from Climate Risks
Insurers are increasingly worried that rising temperatures will lead to a slump in property values that could spark broader financial turmoil. Those were the conclusions a group run out of the University of Cambridge including some of the world’s biggest insurers. In a report published Friday, ClimateWise said that an increasing catastrophes linked to climate… Continue reading Insurers Worry a Financial Crisis May Come from Climate Risks
Insured Hurricane Michael Losses Likely Higher than Estimated
Estimated insured losses for Hurricane Michael have passed $5.6 billion but could be even higher because the number of closed insurance claims reported to the state might be overinflated. In a recent Bay County town hall meeting, Florida Insurance Commissioner David Altmaier said his office was aware of the discrepancies with closed claims. The office… Continue reading Insured Hurricane Michael Losses Likely Higher than Estimated
NYC’s Sandy Rebuilding Program Was Plagued from the Start: Study
A multibillion-dollar New York City program to rebuild homes damaged in superstorm Sandy was so poorly run that more than half of the roughly 20,000 people who signed up for assistance dropped out, a new study shows. The study, which the city plans to release Tuesday, says that the Build It Back program was plagued… Continue reading NYC’s Sandy Rebuilding Program Was Plagued from the Start: Study
CA Insurance Commissioner Reports Insured Losses from Wildfires Up to $11.4B
Just two months ago, California experienced the most devastating wildfires in the last 100 years, destroying nearly an entire town and leaving 89 people dead and thousands homeless. Insurance Commissioner Ricardo Lara today announced that to date more than $11.4 billion in insured losses have been reported from the November 2018 fires. That number is… Continue reading CA Insurance Commissioner Reports Insured Losses from Wildfires Up to $11.4B
PG&E Seeks Chapter 11 Following California Wildfires
PG&E Corp. filed for bankruptcy protection on Tuesday as it struggles with billions of dollars in potential liabilities from its role in sparking California wildfires, triggering one of the most complex corporate reorganization cases in years. California’s largest utility, which provides natural gas and electric service to 16 million people, sought protection under chapter 11… Continue reading PG&E Seeks Chapter 11 Following California Wildfires
2018 Third Consecutive Year of Above-Average Catastrophe Activity: CoreLogic
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its annual Natural Hazard Report, which addresses the recent wildfires in California and severe rainfall- and hurricane-induced flooding throughout the nation as the leading catastrophes in 2018. Much like 2017, last year was an above-average year for hurricanes, flooding, wildfires and severe… Continue reading 2018 Third Consecutive Year of Above-Average Catastrophe Activity: CoreLogic
Everest Puts Q4 Cat Bill at $695M
Everest Re has preannounced cat losses of $695mn from Q4 events that are equivalent to 8.3 percent of its shareholders’ equity of $8.3bn as at the end of the third quarter of 2018. The Q4 cat loss estimate includes the impact of Hurricane Michael, California wildfires and the December hailstorm event in Australia. The Bermuda-based… Continue reading Everest Puts Q4 Cat Bill at $695M
PG&E Says Judge’s Wildfire Safety Plan Would Cost at Least $75 Billion
Pacific Gas and Electric Co. on Wednesday blasted a federal judge’s plan for wildfire safety as unrealistic, saying his proposal for the utility to inspect every inch of its electrical grid and remove dangerous trees would cost $75 billion to $150 billion and lead to staggering rate hikes. The embattled California utility, which plans to… Continue reading PG&E Says Judge’s Wildfire Safety Plan Would Cost at Least $75 Billion