PG&E must comply with existing wildfire prevention rules and its own plans to combat wildfires, a federal judge ruled Tuesday — but the embattled utility avoided severe new regulations that the company said would have cost up to $150 billion to obey. U.S. District Court Judge William Alsup did bar PG&E from issuing dividends to… Continue reading PG&E Escapes Strict Wildfire Prevention Rules, Judge Decides
Tag: wildfires
Lloyd’s of London Blames £1B Loss on Natural Disasters
Lloyd’s of London has reported a second consecutive year of losses after a series of natural disasters including hurricanes Florence and Michael and the deadly California wildfires. The insurance market reported a £1bn loss, halving its 2017 loss of £2.1bn. Chief executive John Neal vowed to turn around the market, saying this year would see… Continue reading Lloyd’s of London Blames £1B Loss on Natural Disasters
Climate Change Could Make Insurance Too Expensive for Most People: Report
Insurers have warned that climate change could make cover for ordinary people unaffordable after the world’s largest reinsurance firm blamed global warming for $24bn of losses in the Californian wildfires. Ernst Rauch, Munich Re’s chief climatologist, told the Guardian that the costs could soon be widely felt, with premium rises already under discussion with clients… Continue reading Climate Change Could Make Insurance Too Expensive for Most People: Report
PG&E Delayed Safety Work on Power Line That Is Prime Suspect in California Wildfire
For five years, PG&E Corp. repeatedly delayed a safety overhaul of a century-old high-voltage transmission line that is a prime suspect behind the deadliest wildfire in California history. The company told federal regulators in 2013 it planned to replace many of the towers, wires and hardware pieces on the line, called the Caribou-Palermo, regulatory filings… Continue reading PG&E Delayed Safety Work on Power Line That Is Prime Suspect in California Wildfire
RMS Releases New Model to Empower Reinsurers to Address Pervasive Wildfire Risk
RMS, the world’s leading risk modeling and analytics firm, announces the release of the RMS U.S. Wildfire High Definition (HD) Model, the most comprehensive solution available for addressing wildfire risk across the Contiguous United States (48 States). Since 2014, devastating wildfires have unleashed more than USD $30 billion in claims and five of the 10… Continue reading RMS Releases New Model to Empower Reinsurers to Address Pervasive Wildfire Risk
Shutdown Damage Will Persist Long After U.S. Government Reopens
The government may be reopening, but the consequences of the longest federal shutdown in U.S. history are likely to linger for national parks, forests, the federal workforce and cutting-edge scientific research. Some may even be permanent. Many fire crews missed their window for controlled burns to prevent wildfires. Irreplaceable relics may have been damaged in… Continue reading Shutdown Damage Will Persist Long After U.S. Government Reopens
2018 Third Consecutive Year of Above-Average Catastrophe Activity: CoreLogic
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its annual Natural Hazard Report, which addresses the recent wildfires in California and severe rainfall- and hurricane-induced flooding throughout the nation as the leading catastrophes in 2018. Much like 2017, last year was an above-average year for hurricanes, flooding, wildfires and severe… Continue reading 2018 Third Consecutive Year of Above-Average Catastrophe Activity: CoreLogic
Crum & Forster to Hand $20M PG&E Loss to Reinsurers: Sources
US specialty insurer Crum & Forster is expected to hand $20mn of losses to reinsurers from its line on PG&E’s liability cover, according to The Insurer. The Fairfax Financial subsidiary is understood to have written a $25mn share of the tower for the Californian utility company, which has been affected by the fallout from the… Continue reading Crum & Forster to Hand $20M PG&E Loss to Reinsurers: Sources
AIR Worldwide Estimates Insured Losses from Woolsey Wildfire Will Be At Least $2.5B
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses from the Woolsey Fire in Southern California will be at least USD 2.5 billion. Note that AIR’s estimate of insured losses is based on the assumption of nearly 100% take-up rates. The fact that damage from fire, including wildfire, is included in standard homeowners’… Continue reading AIR Worldwide Estimates Insured Losses from Woolsey Wildfire Will Be At Least $2.5B
2.9 Million Coloradans Now Live in Areas at Risk of Wildfire
The number of Coloradans whose homes are at risk from wildfires soared 45 percent in five years, reflecting the state’s booming population and changing uses of agricultural land, state officials said. The Colorado State Forest Service said 2.9 million people now live in the wildland-urban interface, defined as places where homes are built in or… Continue reading 2.9 Million Coloradans Now Live in Areas at Risk of Wildfire