California regulators Wednesday disclosed which areas of the state insurers will have to cover if they want to take advantage of financial incentives intended to resolve the homeowners’ insurance crisis.
Tag: fire insurance
Amwins Experts Offer Tips to Obtain Hard-to-Get Wildfire Insurance
Historically, wildfires have been considered a California-centric risk exposure and with good reason as the top 10 costliest wildfires in the United States have occurred in the state—eight within just the past five years, according to the Insurance Information Institute. Wildfire risk exposure, however, is not limited to California. Forty-five of the 50 states have… Continue reading Amwins Experts Offer Tips to Obtain Hard-to-Get Wildfire Insurance
California Firefighters Tap AI for an Edge in Battling Wildfires
Agencies battling wildfires in California are turning to artificial intelligence and other technologies to predict the spread of blazes and help guide the response of firefighting crews. The AI-based tools are helping officials monitor fires, evacuate threatened areas and send often-stretched resources to places they will do most good. This year, wildfires in California alone… Continue reading California Firefighters Tap AI for an Edge in Battling Wildfires
PG&E to Plead Guilty to Involuntary Manslaughter Charges in Deadly California Wildfire
PG&E Corp. has agreed to plead guilty to felony involuntary manslaughter charges for its role in starting the deadliest wildfire in California’s history. The indictment in Butte County, where 85 people died during the 2018 Camp Fire, charges the company with 84 counts of manslaughter and one count of unlawfully causing a fire. The company… Continue reading PG&E to Plead Guilty to Involuntary Manslaughter Charges in Deadly California Wildfire
ICA Puts Australian Bushfire Losses at A$1.34B, Expects Sharp Increase in Claims
The Insurance Council of Australia (ICA) has revealed that insurers have now received 13,750 bushfire catastrophe-related claims since November 8th, with industry losses estimated at AUD 1.34 billion (approximately USD 925 million). The ICA has warned that it is anticipating a further “sharp increase” in claims this week after commercial claims come in and household… Continue reading ICA Puts Australian Bushfire Losses at A$1.34B, Expects Sharp Increase in Claims
Economic Impact of Australia’s Bushfires Set to Exceed $4.4B Cost of Black Saturday Blazes in ’09
The economic damage from the bushfires devastating Australia’s eastern seaboard is likely to exceed the record $4.4bn set by 2009’s Black Saturday blazes, Moody’s Analytics has said. The Moody’s economist Katrina Ell said the fires would further cripple Australia’s already anaemic consumer confidence, increasing the chances of a rate cut next month, as well as… Continue reading Economic Impact of Australia’s Bushfires Set to Exceed $4.4B Cost of Black Saturday Blazes in ’09
Insurance Losses from Australia’s Bushfires Soar to $700M
Insurers will brief Australia’s Treasurer Josh Frydenberg about the industry’s response to the bushfire crisis as they revealed almost 9000 claims more than worth about $700 million have been received so far, with the damage expected to rise dramatically as the extent of destruction becomes clearer in coming days. The New South Wales Rural Fire… Continue reading Insurance Losses from Australia’s Bushfires Soar to $700M
Australia’s Catastrophic Fires Threaten to Upend the Way People Live
The human, environmental and economic toll of Australia’s devastating wildfires is mounting each day, but the country has barely begun to grasp the total cost of the “unprecedented” blazes and how it will change the way people live. Igniting two months earlier than the usual start of the Australian fire season, the flames have torn… Continue reading Australia’s Catastrophic Fires Threaten to Upend the Way People Live
Department Issues Revised Pan of Operation for CA’s FAIR Plan
The California Department of Insurance on December 19 issued a revised plan of operation for the California FAIR Plan Association (FAIR Plan) as required under California law. The action furthers Insurance Commissioner Ricardo Lara’s November 14 order, which revoked portions of the FAIR Plan’s current plan of operation and ordered the “insurer of last resort”… Continue reading Department Issues Revised Pan of Operation for CA’s FAIR Plan
How Does California’s New FAIR Law Protect Vulnerable Residents?
California officials announced Wednesday, December 18, 2019, that a new law passed in the state temporarily stopping insurance companies from dropping customers in recently affected wildfire areas. The new law protects more than a million homes in these areas. Almost 1 Million Affected by Wildfires This comes as welcomed news to more than 800,000 residents… Continue reading How Does California’s New FAIR Law Protect Vulnerable Residents?