Utility giant PG&E has agreed to a second large settlement over devastating Northern California wildfires, saying it will pay $11 billion to resolve most insurance claims from the wine country fires in 2017 and massive Camp Fire in 2018. “These claims are based on payments made by insurance companies to individuals and businesses with insurance… Continue reading PG&E Agrees to Pay $11 Billion Insurance Settlement Over California Wildfires
Tag: wildfire 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
Insurers’ Non-Renewal Rate Rises in CA ZIP Codes Hit by Wildfires in 2015, 2017
Traditional home insurers are backing away from insuring homes in high-risk wildfire areas in California, new data from the state’s insurance regulator shows. Homeowners in fire-prone regions have complained in the past year about being dropped from their home-insurance policies and forced to buy coverage from surplus carriers or from the state insurer of last… Continue reading Insurers’ Non-Renewal Rate Rises in CA ZIP Codes Hit by Wildfires in 2015, 2017
As Climate Change Threatens California, Officials Seek ‘Sustainable Insurance’
California regulators are teaming up with the United Nations to develop “sustainable insurance” guidelines that would help address climate-change-related disasters such as coastal flooding and larger wildfires — the first such partnership of its kind between the international organization and a U.S. state, officials announced Tuesday. After a roundtable discussion at UCLA with lawmakers, state… Continue reading As Climate Change Threatens California, Officials Seek ‘Sustainable Insurance’
California Residents May be Vulnerable if Insurance Is Canceled Due to Wildfire Risk
California’s Department of Insurance can help homeowners who lose insurance coverage because of wildfire risk find new coverage, but it can’t guarantee what the cost or extent of coverage will be under a new policy. According to a Department of Insurance news release, “Current law does not allow the insurance commissioner to require insurers to… Continue reading California Residents May be Vulnerable if Insurance Is Canceled Due to Wildfire Risk
Proposed California Wildfire Fund Would Put Aside $21 Billion for Damage Claims
With the effects of climate change intensifying, California is under ever-greater siege from wildfires, often caused by the equipment that brings power to homes. One of the state’s utilities is already in bankruptcy largely because of the resulting liability claims. On Friday, Gov. Gavin Newsom laid out a proposal for helping to meet such claims… Continue reading Proposed California Wildfire Fund Would Put Aside $21 Billion for Damage Claims
PG&E Faces SEC Investigation Related to Wildfire Accounting
PG&E Corp. said the Securities and Exchange Commission has opened an investigation into the company’s disclosures and accounting for losses related to California wildfires. The investigation, tied to fires in 2015, 2017 and 2018, represents a new problem for the troubled utility, which filed for bankruptcy protection earlier this year, citing wildfire-related liability costs. It… Continue reading PG&E Faces SEC Investigation Related to Wildfire Accounting
CA Governor Calls for Wildfire Fund, Utility Fix
California Gov. Gavin Newsom gave legislators just three months to address a multibillion-dollar wildfire liability problem that has forced the state’s largest power company, PG&E Corp., into bankruptcy and threatens the same fate for its other utilities. The governor issued a report Friday outlining possible solutions for how costs for destructive wildfires will be covered,… Continue reading CA Governor Calls for Wildfire Fund, Utility Fix
Secondary Perils to Wreak Evermore Natural Catastrophe Devastation Globally: Swiss Re
The catastrophe loss experience of the last two years is a wake-up call for the insurance industry, highlighting a trend of growing devastation wreaked by so-called “secondary” perils (independent small to mid-sized events, or secondary effects of a primary peril). Insured losses from natural catastrophes in 2018 were USD 76 billion, the fourth highest one-year… Continue reading Secondary Perils to Wreak Evermore Natural Catastrophe Devastation Globally: Swiss Re
California Disaster Insurance Bill Passes Key Committee Vote
The California Disaster Insurance bill (SB 290), proposed new legislation that could see the introduction of a state insurance policy to assist with natural catastrophe costs, has passed a key committee vote. The bill has been designed in response to the increasing costs of natural catastrophe events in the region, from a range of perils… Continue reading California Disaster Insurance Bill Passes Key Committee Vote