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Florida’s 135,000 AOB lawsuits in 2018 fuelling a re/insurance crisis

13th December 2018

Abuse of Assignment of Benefits (AOB) in Florida has fuelled an insurance crisis that is acting as a “hidden tax” on consumers and helping to increase what are already some of the highest insurance premiums in the country, according to a report by the Insurance Information Institute. According to the report ... Read the full article

PURE Group expands coverage for high-value, high-risk Californian homes

12th December 2018

Owners of high-value, high-risk home in California are being offered broader coverage than is typically found in the high net worth Excess & Surplus (E&S) market by the PURE Group of Insurance Companies. In addition, the group says brokers who serve these individuals will benefit from a faster, easier and more ... Read the full article

AIR Worldwide puts insured Camp Wildfire losses at up to $9 billion

6th December 2018

Catastrophe risk modelling firm AIR Worldwide has estimated that insured losses from the Camp Wildfire, which burnt through California’s Butte County last month, will be in the range of $6 billion to $9 billion. The Camp Wildfire became the deadliest and most destructive wildfire in California’s history after devastating the town ... Read the full article

Munich Re estimates insured Michael losses at $10bn, Florence at $4bn

5th December 2018

Hurricanes Michael and Florence, which battered the east coast of the U.S earlier this year, are likely to have caused insured losses of $10 billion and $4 billion, respectively, according to new estimates from reinsurance giant Munich Re. Insured losses from Hurricane Michael represent 60% of a total economic loss of ... Read the full article

ASEAN insurance execs raise protection gap concerns

5th December 2018

The protection gap is a serious concern for senior insurance executives throughout the Association of Southeast Asian Nations (ASEAN) region, as large uninsured losses adversely affect a country’s fiscal position and ability to recover swiftly, according to a report published by Dr. Schanz, Alms & Company and Malaysian Re. A lack ... Read the full article

Re/insurers anticipating moderate losses from Alaska earthquake

3rd December 2018

Re/insurers are anticipating moderate losses to result from the magnitude 7.0 earthquake that hit the city of Anchorage in Alaska on Friday morning. The earthquake, which struck around 12km north of Anchorage, has caused widespread disruption and damage to infrastructure, affecting thousands of structures and destroying many roads. However, there have been ... Read the full article

$2.5 billion industry hit from Woolsey wildfire: AIR

3rd December 2018

Catastrophe risk modeller AIR Worldwide has estimated the insured loss from the Woolsey fire, which tore through Southern California for 13 days last month, at $2.5 billion. This estimate is based on the assumption of nearly 100% take-up rates as damage from fire, including wildfire, is included in standard homeowners' policies ... Read the full article

Wildfire assessments may not account for latest property data: BuildFax

30th November 2018

Carriers may not have accounted for a recent increase in levels of property maintenance and construction activity across Butte County in their damage assessments for California’s Camp Wildfire, according to BuildFax, a provider of property condition and history insights. BuildFax found that local maintenance activity increased by 8.57% year-to-date compared to ... Read the full article

Up to $19bn residential and commercial cost from Cali wildfires: CoreLogic

27th November 2018

As the scope of damage from the California wildfires Camp and Woolsey continues to be assessed, catastrophe risk modeller CoreLogic has updated its total residential and commercial loss estimate to between $15 billion and $19 billion. According to its new property data analysis, losses from the Camp Fire, the most destructive ... Read the full article

Insured wildfire losses may exceed highest estimate: Goldman Sachs

22nd November 2018

As the scope of damage from the California wildfires continues to expand, it’s becoming increasingly likely that insured losses will fall in the upper limit of, or exceed, the latest $9 billion to $13 billion RMS estimate, according to analysis by Goldman Sachs. Most of the destruction was caused by ... Read the full article

Wildfires could boost P&C pricing and reduce risk appetite: Morgan Stanley

21st November 2018

With the recent outbreak of devastating wildfires in California marking two consecutive years of large losses in the state, analysts at Morgan Stanley have suggested that the property and casualty (P&C) re/insurance market could respond by raising prices and reducing its risk appetite. The firm said that the industry will have ... Read the full article

While significant, wildfire losses should be within budget: Fitch Ratings

21st November 2018

The recent outbreak of wildfires in California is likely to have a negative impact on the Q4 earnings of re/insurers with property exposure in the state, but losses should remain within budget for most companies, according to Fitch Ratings. The rating agency said that wildfire losses should not exceed the level ... Read the full article

RMS estimates up to $13bn insured loss from Californian fires

19th November 2018

Catastrophe risk modelling firm RMS has estimated between a $9 billion and $13 billion insured loss from the Camp and Woolsey wildfires which continue to devastate large areas of California. This estimate includes property and auto damage, including burn and smoke damage, business interruption, additional living expenses, and contents loss. RMS ... Read the full article

Insured California wildfire losses may reach $10bn, says Credit Suisse

14th November 2018

A preliminary estimate from Credit Suisse has put industry losses related to the recent Camp, Woolsey and Hill Wildfires in California in the range of $5 billion to $10 billion. The three fires sprang up in the Butte and Ventura Counties on November 8 and have since collectively burned through 232,151 ... Read the full article

California wildfire losses to reach record levels in 2018: A.M. Best

14th November 2018

The Camp and Woolsey Wildfires, which continue to burn through vast areas of the Butte, Ventura and Los Angeles Counties in California, are expected to contribute to what will likely be a record year for insured wildfire losses in the state, according to A.M. Best. The rating agency noted that ... Read the full article