Wildfire
-
Experts agreed that investment in understanding wildfire risk had come a long way in recent years.
-
Large carriers with geographic spread across the continental US will have the capital and reinsurance coverage to absorb losses related to the wildfires, according to AM Best.
-
Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.
-
Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
-
The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
-
Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.
-
Compelling rates are on offer for markets willing to write wildfire risk in the sunshine state.
-
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.
-
The fundraise will support collateralised reinsurance deals with the firm initially targeting Californian wildfires.
-
The third wildfire cat bond for the California utility will be its largest to date
-
Hot and dry weather conditions increase the challenges as Dixie and Caldor near full containment.
-
The fire has burned through more than 215,400 acres and spread across the counties of El Dorado and Amador.
-
Casinos and ski resorts have shut down, and hotels are housing firefighters in usually buzzing holiday destinations near South Lake Tahoe, California.
-
The Caldor Fire, which is 18% contained, has been active for 17 days and in that time destroyed 675 structures and damaged 40.
-
It has just one class of notes which will trigger on an indemnity, per occurrence basis against any wildfire in the state of California.
-
So far, damage costs caused by the California fire are thought to be below $1bn.
-
Winds and high temperatures point to potential further growth of the blaze.
-
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.
Most Recent
-
Insurance Insider ILS Awards shortlist confirmed
25 April 2024 -
Ariel Re, Hiscox Re ILS launch cyber-cat group
25 April 2024 -
State Farm’s mega cat bond likely to exceed $1bn
24 April 2024