Reinsurance News
wildfire
Horace Mann anticipating $39mn hit from Camp Wildfire
7th December 2018
Horace Mann Educators Corporation, an insurance and retirement solutions company for U.S educators and school employees, has estimated that it will incur losses of between $38 million and $39 million (pre-tax) from the recent Camp Wildfire in California. The company said its estimate was net of anticipated reinsurance recoverables offset by ... 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
Chubb estimates Q4 wildfire losses at $225mn
4th December 2018
Global insurer and reinsurer Chubb has estimated that it will incur roughly $225 million pre-tax ($195 million after tax) of catastrophe losses attributable to the California wildfires over the fourth quarter of 2018. This estimate does not include losses from other global weather and catastrophe events over Q4, such as Hurricane ... 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 losses to surpass $10bn as property toll reaches 20,000 mark: Aon
23rd November 2018
As the number of properties destroyed by the recent Camp and Woolsey Wildfires in California reaches 20,152, re/insurance broker Aon has claimed that the total economic impact is likely to “minimally exceed US $10 billion; likely higher,” with a majority of these losses covered by re/insurers. While Aon stipulated that it ... 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
Re/insurers face multiple exposures to PG&E wildfire volatility: A.M. Best
21st November 2018
A.M. Best has found that many re/insurers may face additional exposure to the volatility surrounding energy supplier Pacific Gas and Electric Company (PG&E) due to their investments in the company’s bonds. PG&E power lines have been under investigation as a potential cause for the devastating Camp Wildfire, which has destroyed ... 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
Property count rises to 18,652 as more wildfire destruction emerges
20th November 2018
The number of structures destroyed by the recent outbreak of wildfires in California has risen to 18,652 as containment grows and authorities begin to piece together the extent of the destruction. The property toll has risen by another 20% overnight, up from 15,489, with the implication being that losses for the ... Read the full article
Costly wildfires to compound reinsurers’ Q4 losses: J.P. Morgan
19th November 2018
As industry loss estimates for the California wildfires continue to edge higher, J.P. Morgan has said it looks increasingly likely that the fourth quarter catastrophe budgets for reinsurers will be exceeded. The firm, citing figures reported on our sister site Artemis, notes that more homes have now been destroyed than ... 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
California wildfire losses continue with 15,500 structures destroyed
19th November 2018
The level of insured losses from the recent outbreak of wildfires in California looks set to rise even further, with nearly 15,500 structures now destroyed by the fires, according to the latest data from the California Department of Forestry and Fire Protection (Cal Fire). This figure has risen significantly from the ... Read the full article
California wildfires’ property toll climbs to 12,400
16th November 2018
The level of destruction from the recent outbreak of wildfires in California continues to rise with more than 12,408 structures now claimed by the fires, according to the latest data from the California Department of Forestry and Fire Protection (Cal Fire). The majority of these damages were caused by the Camp ... Read the full article
Wildfire losses climb as property destruction continues
15th November 2018
The Camp and Woolsey Wildfires have continued to burn through huge areas of the Butte, Ventura and Los Angeles Counties in California, destroying a combined total of more than 10,800 structures at present count. The Camp Fire has become the deadliest and most destructive wildfire in California’s history, claiming 56 lives ... Read the full article
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