California Insurance Commissioner Dave Jones today announced that insured residential and commercial losses from the Carr and Mendocino Complex fires top $845 million and are now counted among the most destructive wildfires in the state’s history. The insurance commissioner also provided an update on the insured losses from the 2017 wildfires and 2018 Montecito mudslides… Continue reading California 2018 Fire Insurance Claims Top $845 Million
Tag: homeowners insurance
California Customers Could Foot the Bill for Billions in Wildfire Liability Costs
A last-minute measure by California lawmakers to rescue the state’s largest utility from a potential bankruptcy sets up a contentious process whereby its customers could foot the bill for billions in liability costs it faces following the state’s catastrophic 2017 wildfires. The bill passed Friday night in the final hours of California’s legislative session would… Continue reading California Customers Could Foot the Bill for Billions in Wildfire Liability Costs
Do Amazon and Google Pose a Threat to Homeowners Carriers?
Amazon has made no secret of its intent to disrupt virtually every industry on the planet, most recently announcing a partnership with JPMorgan Chase and Berkshire Hathaway to create an independent healthcare company. Reportedly, the retail giant has also begun to explore the idea of setting up an insurance price comparison site in the UK.… Continue reading Do Amazon and Google Pose a Threat to Homeowners Carriers?
Verizon Apologizes for Throttling Fire Department’s Data During Wildfire
Verizon on Friday apologized for throttling the data speeds for a fire department as it was battling the largest recorded wildfire in California’s history. “In supporting first responders in the Mendocino fire, we didn’t live up to our own promise of service and performance excellence when our process failed some first responders on the line,… Continue reading Verizon Apologizes for Throttling Fire Department’s Data During Wildfire
AIR Worldwide Updates Insured Loss Estimates for California Wildfires
Catastrophe modeling firm AIR Worldwide announced that it has updated its loss estimates for the recent California Wildfires after analyzing findings from its damage survey conducted during the week of October 30, along with newly acquired information about policy terms, and a re-examination of the replacement values of high-value homes within its industry exposure database… Continue reading AIR Worldwide Updates Insured Loss Estimates for California Wildfires