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
Tag: homeowners insurance
PG&E Plan Offers Nearly $18B to Wildfire Victims and Public Entities
PG&E Corp. on Monday unveiled a plan to settle billions of dollars in wildfire-related claims and exit bankruptcy next year as it seeks to prevent creditors from taking over the embattled company. The preliminary proposal contemplates raising billions in debt and equity to cover fire damages and emerge from bankruptcy court by June 2020, a… Continue reading PG&E Plan Offers Nearly $18B to Wildfire Victims and Public Entities
After the Hurricane, Dealing with Insurance Claims
As Hurricane Dorian churned north this week, residents along the Atlantic coast were preparing to assess the possible damage to their homes, and to determine what their insurance policies will cover. Homeowners whose properties were affected by the storm should act as quickly as feasible to take stock of the extent and likely cause of… Continue reading After the Hurricane, Dealing with Insurance Claims
Researchers Say 79 Million Homes to Have Robots by 2024
While pricing, availability, and consumer awareness has limited the adoption of home robots, a new study by ABI Research found that will change as robot vendors increasingly see value in supporting the integration of their devices into smart home functionality. This integration will grow and by 2024 ABI Research predicts that nearly 79 million homes… Continue reading Researchers Say 79 Million Homes to Have Robots by 2024
Karen Clark & Co Pegs Total Bahamas Losses from Dorian at $7B
Hurricane Dorian’s impact in the Bahamas will generate insured and uninsured losses of about $7bn, according to a preliminary estimate from Karen Clark & Company (KCC). The risk modeller’s estimate included losses from buildings, contents and business interruption claims arising from commercial, residential and industrial properties. The $7bn loss estimate does not include infrastructure or… Continue reading Karen Clark & Co Pegs Total Bahamas Losses from Dorian at $7B
Mercury Insurance Launches Home Cyber Protection Coverage for Californian’s Homeowners and Renters
Today, Mercury Insurance announced that it is offering home cyber protection coverage to homeowners and renters in California. This new coverage will provide Mercury policyholders with significant cyber insurance protection that includes payment and security solutions for computer and home system attacks, cyber extortion, online fraud and the breach of personal information involving smartphones, computers… Continue reading Mercury Insurance Launches Home Cyber Protection Coverage for Californian’s Homeowners and Renters
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
Hurricane Dorian Analogues Show $11.3B to $37.2B Industry Loss Range: RMS
Hurricane Dorian analogue storms from the past, so major category 3 and 4 hurricane landfalls in Florida with similar tracks, show a range of $11.3 billion to $37.2 billion of insurance and reinsurance industry losses, according to RMS. Data shared with us by catastrophe risk modelling specialist RMS shows that the nearest category 3 and… Continue reading Hurricane Dorian Analogues Show $11.3B to $37.2B Industry Loss Range: RMS
Hurricane Dorian Forecast to Hit Florida Over Labor Day with 110 Mph Winds
As chances increased for a direct hit from a Category 3 Hurricane Dorian over Labor Day weekend in Florida counties Volusia and Flagle, local residents, government officials and would-be vacationers began a mad scramble Wednesday. Many residents immediately began heeding warnings to stock up, emptying store shelves of batteries and water bottles. Local cities began… Continue reading Hurricane Dorian Forecast to Hit Florida Over Labor Day with 110 Mph Winds
Hurricane Dorian Landfall in Florida Could Hurt Reinsurers the Most: KBW
Analysts at Keefe, Bruyette & Woods (KBW) believe that Tropical Storm Dorian is likely to impact reinsurers more than primary carriers if it strengthens and makes landfall in Florida. Current forecasts suggest that Dorian could develop into a Category 2 hurricane with wind speeds in excess of 100mph before making landfall along the east coast… Continue reading Hurricane Dorian Landfall in Florida Could Hurt Reinsurers the Most: KBW