The California Public Utilities Commission has proposed a $1.68 billion settlement with PG&E Corp. for the role the utility company played in igniting a series of deadly wildfires in 2017 and 2018 that killed more than 100 people. Under the terms of the settlement included in a filing by the regulator, the company would be… Continue reading PG&E, California Agree to $1.68 Billion Settlement for Wildfires
Tag: fire insurance
Wildfire Victims Insist $11 Billion Insurance Pact Is Blocking PG&E Deal
Victims of wildfires linked to PG&E Corp.’s equipment said property insurers with billions of dollars on the line aren’t at the negotiating table, lowering the chances of a comprehensive deal to end the bankruptcy. “They took the cash. There’s no cash left,” fire victim lawyer Robert Julian said at a hearing Tuesday in the U.S.… Continue reading Wildfire Victims Insist $11 Billion Insurance Pact Is Blocking PG&E Deal
California to Expand Last-Chance Fire Insurance for Homeowners
As more companies refuse to provide fire insurance to homeowners in a state plagued by increasingly destructive blazes, California’s insurance commissioner said Thursday that a plan once meant to be a last resort will be expanded. “I am taking this action after meeting with thousands of California homeowners across the state who are struggling to… Continue reading California to Expand Last-Chance Fire Insurance for Homeowners
Reducing U.S.’s Wildfire Risks Will Require Concerted Action
Nearly a year after the deadliest and costliest wildfire in U.S. history, insurers and the customers they cover are revisiting how to reduce their collective exposure to this risk, according to the Insurance Information Institute (I.I.I.). “While our research has been in the works for the last year because of California’s catastrophic wildfires in 2017… Continue reading Reducing U.S.’s Wildfire Risks Will Require Concerted Action
More Californians Could Lose Home Insurance After Wildfires: WSJ
A new wave of wildfires is likely to reduce the availability of home insurance in vulnerable areas of California. Home insurance already became scarce and expensive in some regions after insurers’ massive payouts for wildfire losses in the state in 2017 and 2018. Home insurers have declined to renew tens of thousands of home-insurance policies… Continue reading More Californians Could Lose Home Insurance After Wildfires: WSJ
2019 California Wildfires Signal ‘New Normal’ for Insurers: AM Best
Given the proliferation of wildfire losses in California, AM Best believes insurers will continue to re-examine this peril, and likely make adjustments to risk appetites, capital management strategies and reinsurance partnerships, according to a new AM Best commentary. Enterprise risk management practices and risk-scoring models used by catastrophe modeling firms also likely need to become… Continue reading 2019 California Wildfires Signal ‘New Normal’ for Insurers: AM Best
Evacuations Underway in Los Angeles as Getty Fire Threatens Thousands of Homes
A growing brush fire was threatening thousands of homes in Brentwood and other hillside communities on the westside of Los Angeles, burning homes and prompting widespread evacuations early Monday. The Getty fire broke out shortly after 1:30 a.m. along the 405 Freeway near the Getty Center and spread to the south and west, rapidly burning… Continue reading Evacuations Underway in Los Angeles as Getty Fire Threatens Thousands of Homes
Are Adjusters Cheating California Wildfire Victims?
Two wildfire victims are suing California’s top insurance regulator, alleging the state failed to protect Californians from unscrupulous, out-of-state adjusters working illegally in California who mishandled claims. The Department of Insurance is fighting the case in court, saying in documents that the suit is “an attempt to manufacture a ‘crisis’ that does not exist.” Yet… Continue reading Are Adjusters Cheating California Wildfire Victims?
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
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