Wildfire
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Experts agreed that investment in understanding wildfire risk had come a long way in recent years.
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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.
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Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
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The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
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Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.
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Compelling rates are on offer for markets willing to write wildfire risk in the sunshine state.
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The parties will develop climate-conditioned wildfire event catalogs to support cat modelling.
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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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In the later stages of its liquidation, the manager’s listed fund has made an 8% uplift in May on fire releases.
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The California Insurance Working Group suggested the policy to cover areas with high wildfire risk.
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Policyholders have filed some 730 claims after fires hit hills outside the western city.
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Event definitions were also tightened at renewals, the broker said.
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Insurers already face A$40mn in claims, a level set to rise and potentially affect reinsurance.
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The utility did not disclose which insurers would receive payments.
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The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US.
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Evacuation orders were issued for 120 homes near San Mateo and Santa Cruz counties.
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The spread rose 9% during the course of marketing.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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A total of 24 million hectares of land was burnt in the worst bushfire season on record.
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California blazes including the Glass Fire have driven up the estimate considerably since September.
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Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
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The event is the most costly wildfire loss to hit New Zealand in recent times.
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Nearly 80% of respondents said underwriting capacity decreased in the quarter.
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Purchasing the analytics firm will help Willis meet growing demand for climate change services.
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Over 10,000 structures have been destroyed in California alone, Aon said.
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