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
Tag: property insurance
DFS Fines Two Insurers $2.2M Over Law Violations
Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has fined Arch Insurance Company (Arch) and National Union Fire Insurance Company of Pittsburgh, PA (National Union Fire) a combined total of $2.2 million in fines and ordered the insurers to provide a combined $8 million in retroactive rebates for… Continue reading DFS Fines Two Insurers $2.2M Over Law Violations
Judge Proposes PG&E Power Restrictions for Next California Fire Season
A U.S. judge on Wednesday proposed restricting utility PG&E Corp from using power lines deemed to be unsafe during high winds in the 2019 California fire season, adding another complication for the California utility as it faces billions of dollars in wildfire liabilities. In an order, U.S. District Judge William Alsup in San Francisco also… Continue reading Judge Proposes PG&E Power Restrictions for Next California Fire Season
Trump Orders Halt of U.S. Funds for California Wildfires, Forest Management
U.S. President Donald Trump on Wednesday said he has ordered a halt to federal emergency funds for California to fight wildfires and manage its forests unless officials in the western U.S. state can “get their act together.” “Billions of dollars are sent to the State of California for Forrest fires that, with proper Forrest (sic)… Continue reading Trump Orders Halt of U.S. Funds for California Wildfires, Forest Management
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
Distinguished Programs Names Zurich North America as New Carrier for City Homes Insurance Program
Distinguished Programs, a national insurance program manager, today announces Zurich North America as the new insurance provider for its City Homes Insurance Program (CHIP) effective as of January 1, 2019. Zurich also operates as the provider for Distinguished Programs’ NY Brick & Brownstone program. The City Homes Insurance Program was designed with the small urban… Continue reading Distinguished Programs Names Zurich North America as New Carrier for City Homes Insurance Program
Property Catastrophe Rates Softened at 1/1 Renewal, Retro Rises: JLT Re
Property catastrophe reinsurance rates softened again at the key January 2019 renewal season, but the retrocession market which saw more loss-affected accounts renew saw double-digit hardening, according to JLT Re. Capital levels in reinsurance continued to play a significant role at the January 1st 2019 reinsurance renewal season, the broker explained, resulting in a softer… Continue reading Property Catastrophe Rates Softened at 1/1 Renewal, Retro Rises: JLT Re
Commercial Insurance Market Shows Signs of Firming As Casualty Losses Mount
Commercial insurance buyers are facing upward pricing pressure across most lines of business in 2019, driven in part by escalating losses in the casualty insurance market, while industry consolidation and technology advancements are creating new dynamics for insurance buyers to navigate, according to Willis Towers Watson’s 2019 Insurance Marketplace Realities. The report, published today, serves… Continue reading Commercial Insurance Market Shows Signs of Firming As Casualty Losses Mount
Chubb Appoints Tim Barziza to Lead North American Property Claims
Chubb has appointed Tim Barziza as Head of its North American Property Claims, effective immediately. In this role, Mr. Barziza will be responsible for leading the technical and administrative execution of the Property Claim Service, including the Recovery and the Special Investigations Units across North America for both personal and commercial claims. He will be… Continue reading Chubb Appoints Tim Barziza to Lead North American Property Claims
Fearing Massive Earthquake, California Considers Requiring Lists of Buildings Most Likely to Collapse
Structural engineers and seismic experts in California can drive along a street and quickly identify at least some buildings most vulnerable to collapse in a major earthquake. There are some telltale signs: parking spots under apartments, brick walls that have not been reinforced, first floors held up by flimsy poles. But it’s harder for the… Continue reading Fearing Massive Earthquake, California Considers Requiring Lists of Buildings Most Likely to Collapse