Reinsurance News
California wildfires
California wildfire related insurance or reinsurance news and analysis. The California wildfire peril is a key exposure of the re/insurance market and an area where risk capital provides meaningful support to help policyholders recover after a wildfire disaster.
Chubb puts Q4 cat losses, including CA wildfires, at $320m net of reinsurance
30th November 2017
Global insurance and reinsurance firm Chubb has estimated its fourth-quarter 2017 catastrophe losses at $320 million before tax, with $280 million of the loss attributable to the recent California wildfires. After tax the total Q4 catastrophe loss comes down to $249 million, $215 million of which is from the ... Read the full article
Large majority of California wildfire losses to be retained by insurers: Fitch
17th November 2017
Fitch expects primary insurers to retain the majority of losses from the California wildfires, warning that the impact of the event, on top of recent hurricanes, could see insurers report aggregate 2017 catastrophe losses at levels that pressure ratings and ultimately strain capital. The October 2017 California wildfires are expected to ... Read the full article
AIR says California wildfires to cost re/insurers up to $10.5 billion
17th November 2017
Catastrophe risk modelling firm AIR Worldwide has updated its estimate for insurance and reinsurance market losses from the recent California wildfires, saying they are expected to be in a range from $8 billion to $10.5 billion. Having completed a recent damage survey, received new information about policy terms, and re-examined the ... Read the full article
Allstate sees pre-tax California wildfire losses of $452 million
16th November 2017
Primary insurance giant, Allstate, has revealed that the five October wildfires that occurred in California accounted for approximately 90% of the firm's monthly catastrophe losses, totalling roughly $452 million. Allstate has announced pre-tax catastrophe losses for the month of October of $516 million, which includes losses from 11 events totalling $502 ... Read the full article
California wildfire insured losses could reach $8 billion: Aon Benfield
9th November 2017
Aon Benfield, the reinsurance arm of global insurance and reinsurance brokerage Aon, has said that the California wildfires could drive an insurance industry loss of up to $8 billion, which, on an aggregate basis, makes it the costliest insured wildfire event ever recorded. Aon Benfield and its catastrophe risk modelling unit, ... Read the full article
Travelers reveals up to $675 million California wildfire loss
9th November 2017
Travelers has released fourth quarter catastrophe loss estimates for the California wildfires, including estimated reinsurance recoveries, in the $525 million to $675 million range pre-tax. After tax, estimates are $340 million to $440 million. “The toll from one of the worst wildfire events in U.S. history is devastating,” said Alan Schnitzer, Chairman ... Read the full article
RenRe says California wildfire loss will be significant, could be material
2nd November 2017
Bermudian reinsurance firm RenaissanceRe warned its shareholders that the devastating wildfires that have impacted the state of California in recent weeks could result in a significant, perhaps material, impact to the company. Based on its risk modelling and an initial assessment of the California wildfires, RenaissanceRe said that it anticipates that ... Read the full article
California wildfire insured losses at $3.3 billion and climbing
1st November 2017
California's Insurance Commissioner, Dave Jones, has announced that insured losses from the October, 2017 California wildfires now exceeds $3.3 billion, which includes damages to residential and commercial properties, personal and commercial autos, watercraft, and farming equipment. The latest insured loss estimate utilises loss data from 15 insurers, and includes partial losses ... Read the full article
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