California Gov. Gavin Newsom questioned PG&E Corp.’s $11 billion settlement proposal for insurance losses tied to wildfires and said it could derail the utility’s bankruptcy exit strategy. In a court filing on Saturday, the Democratic governor raised several objections to the proposed deal with insurance creditors after it emerged as a sticking point in negotiations… Continue reading California Governor Questions $11B PG&E Insurance Deal
Tag: homeowners insurance
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
Underwriting Discipline and Increased Pricing Helped Offset Elevated Losses for U.S. Homeowners Insurers
Despite above-average catastrophe losses in 2018, the underwriting performance of U.S. homeowners insurers benefited from rate increases, enhanced pricing segmentation and favorable reinsurance pricing in most markets, according to a new AM Best report. A new Best’s Market Segment Report, titled, “U.S. Homeowners Carriers Stand Firm Following a Myriad of Catastrophe Events,” states that homeowners… Continue reading Underwriting Discipline and Increased Pricing Helped Offset Elevated Losses for U.S. Homeowners Insurers
Houston-Area Flood Control Projects Proceed After Harvey
On a Friday night in August, Diane and Ted Simpson got home from work to find a certified letter from the Harris County Flood Control District notifying them that a portion of their backyard was in a public right of way. The Houston Chronicle reports a fence and an old brick shed, both of which… Continue reading Houston-Area Flood Control Projects Proceed After Harvey
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
Insurers to Non-Renew Homeowners Coverage for 350,000 California Residents
Insurance has become a serious problem in California as wildfires — past and present — wreak havoc on the state. After last year’s devastating wildfires, insurance companies are balking at fire coverage policy renewals for more than 350,000 residents in high-risk areas. “We are seeing an increasing trend across California where people at risk of… Continue reading Insurers to Non-Renew Homeowners Coverage for 350,000 California Residents
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
Dallas Records Costliest Tornado Loss in Texas History
After the National Weather Service confirmed that a total of nine tornadoes touched down in and around Dallas County, ICT has estimated insured damages at $2 billion dollars. Preliminary projected estimates include over 30,000 auto and home claims. Commercial and business claims projections are still coming in at this time and the financial impact may… Continue reading Dallas Records Costliest Tornado Loss in Texas History
Sonoma County Fire Explodes to 10,000 Acres, Prompting Additional Evacuations
Pushed by wind gusts that topped 70 mph, a monster brush fire spread rapidly overnight in a rural section of Sonoma County, California, threatening communities and forcing evacuations. The Kincade fire is an estimated 10,000 acres and has no containment, according to the California Department of Forestry and Fire Protection and local officials. It is… Continue reading Sonoma County Fire Explodes to 10,000 Acres, Prompting Additional Evacuations