U.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, broker Gallagher Re said in a report on Monday, with states such as California and Florida increasingly hit by wildfires and hurricanes.
Tag: wildfires
PG&E Seeks Roughly $7 Billion Federal Loan to Reduce California Wildfire Risk
PG&E has applied for a roughly $7 billion federal loan to fund its ambitious plans to reduce California wildfire risk by burying power lines and upgrading the electric grid, company executives said.
Climate Risk a Major Challenge for Insurance Industry, Treasury Says
Climate-related risks are becoming an increasing challenge for insurers, the U.S. Treasury Department said, urging state regulators to step up their so-far “limited” efforts to address the issue.
Colorado’s New FAIR Plan Should Be a ‘Last Resort,’ Insurance Groups Say
Insurance industry groups say they are working to ensure Colorado’s new FAIR plan will avoid the pitfalls of other states and truly provide last-resort policies for consumers who cannot find coverage on the private market.
Allstate Stops Accepting New Property Insurance Applications in California
Almost a week after State Farm, California’s largest property insurer, announced that the company would stop accepting insurance applications for all business and personal property in California, Allstate is making headlines for a similar decision.
Climate Shocks Are Making Parts of America Uninsurable
Insurance companies, tired of losing money, are raising rates, restricting coverage or pulling out of some areas altogether — making it more expensive for people to live in their homes.
Drought Conditions in Florida Hits Ranchers, Growers
Florida is experiencing an intensifying drought, one of the worst in a decade, putting a strain on cattle ranchers and growers.
USDA to Spend $197M to Prepare for Wildfires Brought On by Climate Change
Federal officials announced $197 million in grants to help more than 100 communities and tribes across the nation become more resilient to wildfire.
Southern California Edison Sued Over Deadly, Destructive Hemet Wildfire
The city of Hemet claims in a lawsuit that Southern California Edison equipment ignited a damaging wildfire last fall.
Countdown: The Rising Cost of Climate Disasters
According to insurers and risk modeling experts, climate change has increased the cost of natural disasters by increasing the frequency and severity of flooding and wildfires.