Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses from the Camp Fire in Northern California will be between $6 billion and $9 billion. Taken together with the Woolsey fire in Southern California, AIR estimates that industry insured losses from these two California fires will be between $9 billion and $13 billion. Note… Continue reading Insured Losses from Camp Wildfire Estimated Between $6B-$9B: AIR Worldwide
Tag: catastrophe coverage
Chubb Estimates Losses of About $225M Pre-Tax from CA Wildfires
Chubb Limited today announced preliminary net loss estimates in the fourth quarter of 2018 attributable to the California wildfires of approximately $225 million pre-tax, or $195 million after tax. These estimates do not include losses from Hurricane Michael or other weather events occurring globally in the quarter. The company believes its estimated losses from Hurricane… Continue reading Chubb Estimates Losses of About $225M Pre-Tax from CA Wildfires
Mercury General’s Reinsurance to Cover $216M of its Wildfire Losses
Multi-line U.S. primary home and auto insurer Mercury General Corporation is set to pass as much as $216 million of its losses from the recent Camp and Woolsey wildfires in California to its reinsurance partners, leaving the firm retaining a net loss of just $37 million. Mercury General said that it expects pre-tax total gross… Continue reading Mercury General’s Reinsurance to Cover $216M of its Wildfire Losses
State Takes Over Failing Insurer After California Wildfire
California regulators moved Friday to take over an insurance company that can’t pay out all claims following a massive wildfire that destroyed more than 13,000 homes. Merced Property & Casualty Company was pushed to insolvency by the fire that sparked Nov. 8 and nearly destroyed Paradise and surrounding towns, state Insurance Commissioner Dave Jones said.… Continue reading State Takes Over Failing Insurer After California Wildfire
California Rethinks Firefighting Tactics, Evacuation Routes for Future Wildfires
The Camp Fire, California’s deadliest and most destructive wildfire, has left communities around the state reevaluating everything from their evacuation routes to communications systems. James Gore, a supervisor in Sonoma County, which was ravaged by multiple fires in October 2017, said 13 communities in high-risk areas have put together maps, and residents are now practicing… Continue reading California Rethinks Firefighting Tactics, Evacuation Routes for Future Wildfires
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
California Wildfires Could Have Negative Credit Implications for Reinsurance Industry: Fitch
Downside credit risks from the California wildfires are currently most pronounced for investor-owned utilities (IOU), which could face large liabilities if IOU equipment is found to have ignited the fires. However, negative credit implications could emerge for the (re)insurance industry and the U.S. public finance sector, given the potential for a state-wide economic slowdown, damaged… Continue reading California Wildfires Could Have Negative Credit Implications for Reinsurance Industry: Fitch
Fire-Resistant Homes Curb Damage, Minimal Financial Impact on Home Buyers: Research
Homes in wildfire-prone areas around the U.S. could be built to better withstand blazes without increasing the cost of construction, according to a new report. The research released Tuesday was sponsored in part by the insurance industry and marks the first attempt to quantify the expenses associated with building residences that meet stringent flame-resistant criteria.… Continue reading Fire-Resistant Homes Curb Damage, Minimal Financial Impact on Home Buyers: Research
California Wildfires Cause Devastating Losses Between $15B-$19B: CoreLogic
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today announced updated residential and commercial loss estimates for the recent catastrophic wildfires in California. According to this new data analysis, total losses from the Camp Fire, the most destructive wildfire in the state’s history, are estimated to be between $11 billion and $13… Continue reading California Wildfires Cause Devastating Losses Between $15B-$19B: CoreLogic
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