Wildfire
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The parties will develop climate-conditioned wildfire event catalogs to support cat modelling. -
Pacific Gas and Electric Company told investors in November that it expects to recover $569mn from its insurers on a potential $1.15bn liability relating to the Dixie Fire in California.
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The fundraise will support collateralised reinsurance deals with the firm initially targeting Californian wildfires.
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The third wildfire cat bond for the California utility will be its largest to date
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Hot and dry weather conditions increase the challenges as Dixie and Caldor near full containment.
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The fire has burned through more than 215,400 acres and spread across the counties of El Dorado and Amador.
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Casinos and ski resorts have shut down, and hotels are housing firefighters in usually buzzing holiday destinations near South Lake Tahoe, California.
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The Caldor Fire, which is 18% contained, has been active for 17 days and in that time destroyed 675 structures and damaged 40.
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It has just one class of notes which will trigger on an indemnity, per occurrence basis against any wildfire in the state of California.
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So far, damage costs caused by the California fire are thought to be below $1bn.
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Winds and high temperatures point to potential further growth of the blaze.
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Citing this summer’s heat waves and the drought across the West, AM Best warns that insured wildfire loss totals may climb higher than 2020’s $1.2 bn.
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