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Tag: wildfires

U.S. Property Catastrophe Reinsurance Rates Rise Up to 50% on July 1: Report

Best rankings on net premiums

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.

Published July 5, 2023
Categorized as Show on Homepage Tagged Gallagher Re, homeowners, property catastrophe reinsurance, reinsurance rates, wildfires

PG&E Seeks Roughly $7 Billion Federal Loan to Reduce California Wildfire Risk

Strengthening US power grid

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.

Published June 29, 2023
Categorized as Show on Homepage Tagged CA wildfries, electric grid, PG&E, power lines, wildfires

Climate Risk a Major Challenge for Insurance Industry, Treasury Says

Carriers pulling out of states

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.

Published June 28, 2023
Categorized as Show on Homepage Tagged climate change and insurance, climate risk, convective storms, floods, insurance regulation, Treasury dept, wildfires

Colorado’s New FAIR Plan Should Be a ‘Last Resort,’ Insurance Groups Say

wildfires and smoke

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.

Published June 6, 2023
Categorized as Show on Homepage Tagged Colorado Fair Plan, insurance of last resort, wildfires

Allstate Stops Accepting New Property Insurance Applications in California

Allstate catastrophe losses

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.

Published June 5, 2023
Categorized as Show on Homepage Tagged Allstate, California, State Farm, wildfires

Climate Shocks Are Making Parts of America Uninsurable

Natural disasters and homeowners insurance

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.

Published May 31, 2023
Categorized as Show on Homepage Tagged catastrophes, coverage restrictions, flooding, hurricanes, insurance and catastrophes, severe weather, underwriting losses, wildfires

Drought Conditions in Florida Hits Ranchers, Growers

Florida drought

Florida is experiencing an intensifying drought, one of the worst in a decade, putting a strain on cattle ranchers and growers.

Published April 11, 2023
Categorized as Show on Homepage Tagged cattle ranchers, Florida drought, growers, wildfires

USDA to Spend $197M to Prepare for Wildfires Brought On by Climate Change

supply chain issues following wildfires

Federal officials announced $197 million in grants to help more than 100 communities and tribes across the nation become more resilient to wildfire. 

Published March 21, 2023
Categorized as Show on Homepage Tagged climate change, USDA grants, west coast wildfires, wildfire grants, wildfires

Southern California Edison Sued Over Deadly, Destructive Hemet Wildfire

Utilities increasingly cause of wildfires amid climate change

The city of Hemet claims in a lawsuit that Southern California Edison equipment ignited a damaging wildfire last fall.

Published February 15, 2023
Categorized as Show on Homepage Tagged CA wildfires, Southern Cal Edision, wildfire damage, wildfires

Countdown: The Rising Cost of Climate Disasters

climate change and higher insurance rates

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.

Published November 16, 2022
Categorized as Show on Homepage Tagged catastrophe risks, hurricanes, risk modeling, RMS, wildfires

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