Wildfire
-
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.
-
In the later stages of its liquidation, the manager’s listed fund has made an 8% uplift in May on fire releases.
-
The California Insurance Working Group suggested the policy to cover areas with high wildfire risk.
-
Policyholders have filed some 730 claims after fires hit hills outside the western city.
-
Event definitions were also tightened at renewals, the broker said.
-
Insurers already face A$40mn in claims, a level set to rise and potentially affect reinsurance.
-
The utility did not disclose which insurers would receive payments.
-
The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US.
-
Evacuation orders were issued for 120 homes near San Mateo and Santa Cruz counties.
-
The spread rose 9% during the course of marketing.
-
The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
-
A total of 24 million hectares of land was burnt in the worst bushfire season on record.