The recent wildfires in Southern California have scorched tens of thousands of acres and destroyed many homes, raising concerns about the impact on fire insurance rates.
Tag: wildfires
Insurance Premium Hikes Strike Condo Associations
Insurance costs are exploding for condo associations across the U.S., raising the cost of homeownership and making it harder for some owners to sell their units.
Catastrophe Bonds Based on Models that Often Underestimate Climate Risks
Catastrophe bonds and other insurance-linked securities, which powered last year’s highest-returning hedge fund strategy, are built on calculations that can underestimate a new breed of risk stemming from high-frequency events such as wildfires and thunderstorms, according to veteran investors.
Pricier Insurance Makes Sense as Climate Risk Grows, Chubb CEO Says
Surging insurance premiums in regions vulnerable to climate change make sense, and government efforts to hold back those increases won’t work in the long term, Chubb Chief Executive Evan Greenberg said.
PG&E Hit with $225M Lawsuit for Damage from Dixie Fire
A $225 million lawsuit has been filed against the Pacific Gas and Electric Company over damage caused during the 2021 Dixie Fire.
Utility-Caused Wildfires Are Becoming a National Problem
Large wildfires started by power lines and other utility equipment were, not that long ago, considered something that happened mostly in California. But these disasters are increasingly happening in many more places as forces turbocharged by climate change like extreme heat and drought wreak havoc on electric grids that were not built or upgraded to withstand them.
APCIA Opposes Federal Natural Catastrophe Backstop Bill
Federal solutions to a state-regulated industry should be carefully considered, as evidenced by the fact that federal taxpayers are currently at risk from $20.525 billion debt already owed by the National Flood Insurance Program, according to the APCIA.
Wildfires Remain Threat as Their Frequency Decreases
The potential insured losses resulting from U.S. wildfires are growing even as their frequency decreases because close to 99 million Americans reside in the wildland urban interface (WUI), according to the Insurance Information Institute (Triple-I).
New Poll Shows Voters Oppose CA Insurance Commissioner’s Home Insurance Plan By 2 to 1
A new poll finds that Insurance Commissioner Lara’s plan to allow insurance companies to increase premiums for all Californians in exchange for a promise to insure homeowners in higher wildfire risk areas is opposed by a 2 to 1 margin, 62% opposed to 30% in support
Aon: Record $50B U.S. Severe Convective Storm Losses Drive Total Natural Catastrophe Toll in 2023
For the first time, insured losses from SCS in the U.S. surpassed $50 billion and accounted for 60% of global insured losses.