CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its annual Natural Hazard Report, which addresses the recent wildfires in California and severe rainfall- and hurricane-induced flooding throughout the nation as the leading catastrophes in 2018. Much like 2017, last year was an above-average year for hurricanes, flooding, wildfires and severe… Continue reading 2018 Third Consecutive Year of Above-Average Catastrophe Activity: CoreLogic
Tag: homeowners insurance
Corporate America Tallies the Mounting Costs of Climate Change
Bank of America Corp. worries flooded homeowners will default on their mortgages. The Walt Disney Co. is concerned its theme parks will get too hot for vacationers, while AT&T Inc. fears hurricanes and wildfires may knock out its cell towers. The Coca-Cola Co. wonders if there will still be enough water to make Coke. As… Continue reading Corporate America Tallies the Mounting Costs of Climate Change
Travelers Underlying Underwriting Results Help Offset Higher Cat Losses
Travelers reported fourth quarter core income broadly in line with Wall Street forecasts despite higher cat losses and lower reserve releases as better underlying underwriting performance, higher investment income and a lower tax rate boosted the bottom line. The US insurance giant also made further steady progress in achieving rate rises on its business insurance… Continue reading Travelers Underlying Underwriting Results Help Offset Higher Cat Losses
Chubb Projects 4Q Net Catastrophe Loss of $585 Million Before Taxes
Chubb Ltd. estimated fourth-quarter catastrophe losses at $585 million before taxes, or $505 million after taxes. In December, Chubb projected losses tied to the California wildfires would amount to about $225 million before taxes and estimated that Hurricane Michael losses would be closer to $250 million. On Friday, it said losses tied to the California… Continue reading Chubb Projects 4Q Net Catastrophe Loss of $585 Million Before Taxes
PG&E: The First Climate-Change Bankruptcy, Probably Not the Last
PG&E Corp.’s bankruptcy could mark a business milestone: the first major corporate casualty of climate change. Few people expect it will be the last. California’s largest utility was overwhelmed by rapid climatic changes as a prolonged drought dried out much of the state and decimated forests, dramatically increasing the risk of fire. On Monday, PG&E… Continue reading PG&E: The First Climate-Change Bankruptcy, Probably Not the Last
PG&E Bankruptcy Threatens California Wildfire Suits, Green-Power Contracts
PG&E Corp.’s plan to file for bankruptcy protection has enormous repercussions for everyone from the homeowners suing the utility for California wildfire damages to the companies that furnish it with green energy. California’s largest utility said Monday it was preparing to file for Chapter 11 protection before the end of the month as it faces… Continue reading PG&E Bankruptcy Threatens California Wildfire Suits, Green-Power Contracts
PG&E Sparked at Least 1,500 California Fires, Now the Utility Faces Collapse
PG&E Corp. equipment started more than one fire a day in California on average in recent years as a historic drought turned the region into a tinderbox. The utility’s unsuccessful efforts to prevent such blazes have put it in a state of crisis. The fires included one on Oct. 8, 2017, when nearly 50-mile-an-hour winds… Continue reading PG&E Sparked at Least 1,500 California Fires, Now the Utility Faces Collapse
Lloyd’s of London “Steered” Hawaii Homeowners by Artificially Inflating Coverage in Kickback Scheme, Federal Lawsuit Alleges
A federal class action lawsuit alleges that Lloyd’s of London and its affiliated insurance brokers “steered” Hawaiian homeowners throughout the state away from comprehensive home insurance coverage established by the State of Hawaii. The lawsuit states that Lloyd’s and its agents deceived consumers, offering Lloyd’s surplus lines insurance without performing the due diligence required under… Continue reading Lloyd’s of London “Steered” Hawaii Homeowners by Artificially Inflating Coverage in Kickback Scheme, Federal Lawsuit Alleges
As Fires Ravaged California, Utilities Lobbied Lawmakers for Protection
As California’s deadliest wildfire was consuming the town of Paradise in November, some of the state’s top power company officials and a dozen legislators were at an annual retreat at the Fairmont Kea Lani resort on Maui. In the course of four days, they discussed wildfires — and how much responsibility the utilities deserve for… Continue reading As Fires Ravaged California, Utilities Lobbied Lawmakers for Protection
Insurers Sue PG&E Over Northern California’s Camp Fire As Insurance Claims Hit Billions
Three major insurance companies are suing PG&E over the billions of dollars in claims they expect to face from the Camp Fire. The lawsuits, by Allstate Insurance Co., State Farm and USAA, represent another potentially staggering blow to PG&E, which has already acknowledged that problems occurred on a high-voltage transmission tower near the spot where… Continue reading Insurers Sue PG&E Over Northern California’s Camp Fire As Insurance Claims Hit Billions