Reinsurance News
wildfire
Saddleridge fire ignition reported near SC Edison electrical tower
15th October 2019
An investigation into the Saddleridge wildfire, which has burnt through nearly 8,000 acres in Los Angeles County this week, has established that the blaze originated near the base of a Southern California Edison electrical tower, according to reports from Reuters. The cause of the fire still remains uncertain, but the Los ... Read the full article
PG&E confirms $11bn settlement with California wildfire re/insurers
23rd September 2019
PG&E Corporation and Pacific Gas and Electric Company (PG&E) has confirmed an $11 billion agreement to resolve all insurance subrogation claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire. The agreement was reached with entities representing around 85% of insurance subrogation claims, which were based on payments ... Read the full article
CoreLogic finds 776,000 US homes at extreme risk of wildfire damage
13th September 2019
A new report from property information and analytics provider CoreLogic has found that nearly 776,000 homes in the US are at extreme risk of wildfire damage this year, representing a potential reconstruction cost value of more than $221 billion. California metropolitan areas comprise a significant portion of the top 15 regions ... Read the full article
Knowledge of wildfire risk vital in developing a proper underwriting strategy: Guy Carpenter
10th September 2019
Losses from wildfire events have increased significantly over the past couple of years, and as a result, it’s important that insurers and reinsurers have solid understanding of the exposure in order to maintain a sound underwriting strategy, says Managing Director, Guy Carpenter, Robert Reader. Underpinned by the devastating impacts of the ... Read the full article
Munich Re announces new risk analysis services for wildfire & hurricane
8th September 2019
Munich Re has announced two new risk analysis and claims settlement services for wildfire and hurricanes, which aim to accelerate indemnification for policyholders. The reinsurer’s Wildfire Risk Score will support clients in evaluating wildfire risks in North America and in estimating damages following an event. The solution combines loss data from past ... Read the full article
MarketScout highlights capacity crunch in both Florida & California
8th May 2019
In light of two major high net worth homeowners insurance companies deciding to either exit or reduce their underwritings, MarketScout has revealed that its new brush and wind facilities are structured to help agents that are looking to replace non-renewed business. The insurance distribution and underwriting firm notes that its underwriting ... Read the full article
Wildfire premiums could become a “social issue”: Munich Re climatologist
8th April 2019
Raising premiums in response to the increasing frequency and severity of wildfire losses could become a “social issue,” making cover unaffordable for ordinary people, according to Ernst Rauch, Chief Climatologist at Munich Re. Speaking with the Guardian, Rauch said: “If the risk from wildfires, flooding, storms or hail is increasing then ... Read the full article
2017 Thomas Fire caused by power lines coming into contact, says report
14th March 2019
The Thomas Fire, which impacted Southern California’s Ventura and Santa Barbara counties in December 2017, started as a result of high winds causing power lines to come into contact, according to the Ventura County Fire Department (VCFD). In total, the Thomas Fire burned 281,893 acres; destroyed 1,063 structures, and claimed the life ... Read the full article
Machine learning tech can enhance wildfire modelling, says Swiss Re
6th March 2019
There is significant potential for machine learning technologies to enhance the re/insurance industry’s approach to modelling wildfire risk, which has failed to adequately predict the growing frequency of large losses in recent years, according to Swiss Re. The reinsurer stressed the possible advantages in utilising real-time data to complement probabilistic wildfire ... Read the full article
Large California wildfires could now occur in any year, finds study
5th March 2019
Large wildfires similar to those seen in 2018 could now occur in any year, regardless of how wet the previous winter was, according to a new study published in the Proceedings of the National Academy of Sciences. The study concluded that increased temperatures due to climate change and more effective efforts ... Read the full article
PG&E says its equipment probably ignited Camp Wildfire
1st March 2019
Energy supplier Pacific Gas & Electric Co. (PG&E) has acknowledged that it is “probable” that its equipment was responsible for igniting the Camp Wildfire, which became the deadliest and most destructive fire in California’s history last year. The California-focused utility company, which filed for bankruptcy in January, revealed it was taking ... Read the full article
Insured losses from November California wildfires surpass $11.4bn
29th January 2019
Ricardo Lara, California's Insurance Commissioner, has revealed that insured losses of more than $11.4 billion have now been reported from the November 2018 Wildfires. The new figure represents growth of roughly 25%, or more than $2.3 billion from the total reported by the Department of Insurance in December 2018. Insurers have reported ... Read the full article
MarketScout launches wildfire, brush & quake MGA, WildCat
25th January 2019
U.S. domiciled electronic insurance exchange and specialty managing general agent (MGA), MarketScout, has announced the launch of WildCat, a new MGA facility for insuring wildfire, brush, and earthquake exposures. In response to increasing losses from the wildfire peril over the last two years, most notably from outbreaks in California, WildCat has ... Read the full article
Insurers sue PG&E over California wildfire losses
4th January 2019
Several major insurance companies, including Allstate, State Farm, USAA and their subsidiaries, have filed lawsuits against energy supplier Pacific Gas & Electric Co. (PG&E) over damages related to the Camp Wildfire that devastated California’s Butte County in November. PG&E power lines have come under scrutiny as a potential cause for wildfire, ... Read the full article
Allstate hit with $670m Camp and Woolsey wildfire losses
13th December 2018
American insurer Allstate has announced pre-tax catastrophe losses for the month of November of $685 million ($541 million, after-tax), of which $670 million ($529 million, after-tax) is attributable to California’s Camp and Woolsey wildfires and reflect the impact of reinsurance recoveries and reinstatement premiums. Allstate has said it has already provided ... Read the full article
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