Reinsurance News
wildfire
LA wildfires may erode over 30% of combined nat cat budgets of Europe’s big four: Fitch
23rd January 2025
At $35 billion, roughly the mid-point of insurance industry loss estimates from the devastating Los Angeles wildfires, Fitch Ratings estimates that 30% of the aggregate natural catastrophe budgets set by Europe's big four reinsurers for 2025 may be eroded. With the two main fires, Palisades and Eaton now 70% and 95% ... Read the full article
Reinsurers’ 10-15% share of LA wildfire industry loss not enough to alter pricing trajectory: Evercore
21st January 2025
Analysts at Evercore ISI have increased their insured loss base case for the ongoing wildfires in Los Angeles to a range of $25 billion to $30 billion, stating that although an industry loss of this level will hit reinsurers, it's not enough to alter the trajectory of reinsurance pricing with ... Read the full article
LA wildfires to drive insured losses of up to $30bn, says Moody’s RMS Event Response
20th January 2025
Catastrophe risk modeller Moody's RMS Event Response has estimated insured losses from the Los Angeles fires will be between $20 billion and $30 billion but warns that significant uncertainty remains as some of the fires are ongoing. Moody's RMS released this preliminary estimate on Friday evening, when the Palisades Fire was ... Read the full article
KBW raises LA wildfire insured loss scenarios to between $25bn and $40bn
14th January 2025
With the Palisades Fire now covering more than 23,000 acres and just 14% contained, and the Eaton Fire covering over 14,000 acres and 33% contained, according to California’s Department of Foresty and Fire Protection, analysts at KBW have raised their insured loss scenario estimate range for the Los Angeles wildfires ... Read the full article
Autonomous lifts LA fire insured loss estimate to $25bn, warns of potential FAIR Plan insolvency
14th January 2025
Analysts at Autonomous have increased their insured loss estimate for the ongoing Los Angeles wildfires by 92% to $25 billion, forecasting a significant loss of up to $8 billion for California's FAIR Plan. As the fires continue to burn and affect over 40,000 acres, with more than 12,000 structures reported to ... Read the full article
Analysts expect LA fires to be treated as single event as insured loss estimate rises to $25bn
13th January 2025
Analysts at Evercore ISI have estimated that insurance industry losses from the Los Angeles wildfires will be in the $20 billion to $25 billion range, and also expect the fires to be treated as one event which could help primary carriers reach their reinsurance coverage. The fires continued to burn and ... Read the full article
LA wildfires destroy over 10k structures, insured loss seen at ~$20bn
10th January 2025
The Los Angeles County wildfires are still burning and have now destroyed more than 10,000 structures, according to the Cal Fire authority, with insurance industry loss estimates still ranging from $10 billion to $20 billion, or higher if the fires continue to spread. Five fires continue to burn across LA. The ... Read the full article
LA wildfire insured losses could exceed $20bn: J.P. Morgan
9th January 2025
The destructive wildfires engulfing Los Angeles continue to burn and with containment efforts currently yielding little success, analysts at J.P. Morgan have doubled their preliminary insured loss estimate for the event to $20 billion or more, which would make it the costliest insured wildfire loss event in California's history. As analysts ... Read the full article
Analysts peg insured LA wildfire losses at up to $13bn, economic loss put at more than $52bn
9th January 2025
As wildfires continue to grow across Los Angeles County and firefighters struggle to contain the flames, equity analysts have started to comment on potential insurance industry losses, forecasting losses of between $6 billion and $13 billion, while AccuWeather has released a preliminary total economic loss of up to $57 billion. The ... Read the full article
Over 1,100 structures destroyed by growing Palisades and Eaton fires, say officials
8th January 2025
The devastating wildfire raging in the Pacific Palisades neighbourhood of Los Angeles has now destroyed more than 1,000 structures and is growing, while the Eaton Fire, burning in the Angeles National Forest, the Altadena area of Los Angeles County and Pasadena, has now destroyed more than 100 structures, according to ... Read the full article
‘Many structures already destroyed’ as Pacific Palisades wildfire rages
8th January 2025
Governor of California Gavin Newsom has proclaimed a state of emergency as more than 30,000 people in Los Angeles have been ordered to evacuate a large and dangerous wildfire which covers around 3,000 acres and continues to grow, threatening thousands of buildings and structures. On January 7th, the Palisades Fire ignited ... Read the full article
Verisk submits wildfire cat model for review whilst new California rules take effect
3rd January 2025
Global data analytics and technology provider, Verisk, has submitted its wildfire catastrophe model for review by the California Department of Insurance (CDI), which recently finalised regulatory changes aimed at stabilising the state's insurance market. If you recall, a new regulation was recently launched in order to help expand insurance access ... Read the full article
Notable insured losses expected from California mountain fire: Aon
15th November 2024
The recent mountain fire which broke out on November 6 in Ventura County of Southern California is expected to drive notable insured losses, according to global insurance and reinsurance broking group Aon. The start of the wildfire in southern California on November 6, 2024, was preceded by extreme wind gusts exceeding 75 ... Read the full article
Property MGA Delos raises $9M to expand wildfire insurance for homeowners
1st November 2024
Delos Insurance Solutions, a property insurance MGA, has raised $9 million in a Series A funding round to address homeowners' challenges in securing wildfire insurance. This funding round was led by HSBC Asset Management, with contributions from IA Capital Group, Blue Bear Capital, Generation Space, and several angel investors. Using wildfire science ... Read the full article
Workforce protection strategies against rising wildfire risks: Aon
20th September 2024
As climate change intensifies wildfire risks, global re/insurance broker Aon highlights how organisations can protect their workforce before and after such events. In its recent report, Aon notes that North America has experienced at least one billion-dollar wildfire event in eight of the past 10 years. In contrast, such significant losses ... Read the full article
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