Reinsurance News
wildfire
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
Wildfires continue to spread across California despite containment efforts
13th November 2018
The Camp and Woolsey Wildfires, which broke out in California’s Butte and Ventura Counties, respectively, last Thursday, have continued to expand despite containment efforts, with a combined total of 7,150 structures now destroyed by the blazes. With 6,713 structures destroyed and 42 deaths confirmed, the Camp Wildfire is now officially both ... Read the full article
Camp Wildfire insured losses could reach $4bn: Morgan Stanley
12th November 2018
Insured losses from the Camp Wildfire, which has burnt through roughly 110,000 acres and 6,700 structures in Northern California, are likely to be between $2 billion and $4 billion, with higher total economic losses, according to estimates from Morgan Stanley. The Camp Wildfire became the most destructive in California’s history ... Read the full article
California’s deadly Camp Wildfire to cause billions of insured losses
12th November 2018
The Camp Wildfire, which sprang up last Thursday and quickly engulfed the town of Paradise in California’s Butte County, has now claimed more than 6,700 structures and 110,000 acres, making it the most destructive wildfire on record and likely to drive multi-billion dollar losses for the re/insurance industry. A further ... Read the full article
Explosive Camp Wildfire engulfs thousands of California homes
9th November 2018
A wildfire that sprang up on Thursday morning has already engulfed more than 20,000 acres in the Butte County region of northern California, destroying around 2,000 structures in the town of Paradise and threatening a further 15,000. The blaze, which has been dubbed the Camp Wildfire, has developed at an unprecedented ... Read the full article
Insured losses from Carr and Mendocino Complex wildfires to exceed $845mn
7th September 2018
Insured residential and commercial losses from the Carr and Mendocino Complex wildfires, which burnt through Northern California from late July through August 2018, are expected to exceed $845 million, according to the California Department of Insurance (CDI). More than 10,000 claims have been filed related to the fires, which collectively damaged ... Read the full article
Insured losses from Greece’s deadly Attica fires reach €33.7mn
23rd August 2018
The Association of Insurance Companies of Greece (EAEE) has estimated that the total initial value of insurance pay-outs relating to the deadly fires which burnt through the Attica region on July 23 amounts to at least €33.7 million (US $39.1 million). More than 15 fires broke out simultaneously last month in ... Read the full article
AIR Worldwide releases updated U.S Wildfire Model
15th August 2018
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has released an updated Wildfire Model that provides a comprehensive view of the risk of wildfire to properties within the 13 westernmost conterminous U.S states. The updated model uses an event-based approach to account for the variability in weather in the ... Read the full article
California re/insurers must re-evaluate ‘new normal’ wildfire risks: A.M. Best
10th August 2018
Re/insurers operating in California must re-evaluate the way they approach wildfire risk as the heavy losses experienced over 2017 and during the Carr and Mendocino Complex fires in 2018 may be set to become the ‘new normal’, according to A.M. Best. A recent report by the rating agency observed that insured ... Read the full article
Mendocino wildfire is largest in California’s history, set to burn until September
9th August 2018
The Mendocino Complex fire has now burnt through 302,086 acres of northern California, making it the largest wildfire in the state’s history, and it is set to continue to burn through the month into early September, according to officials. Firefighters had originally hoped to have the blaze extinguished by mid-August, but ... Read the full article
1,734 structures destroyed as Carr and Mendocino wildfires burn through California
6th August 2018
1,734 structures have now been destroyed by the Carr and Mendocino Complex wildfires in California, which have collectively burned through 427,031 acres of the state and continue to spread despite containment efforts. An additional 304 structures have also been damaged and 10,529 remain threatened by what are considered to be two ... Read the full article
California’s Carr wildfire continues property destruction as containment grows
31st July 2018
The Carr wildfire has burned through 110,154 acres of Shasta County in Northern California and destroyed or damaged almost 1,500 buildings at the latest estimate, even as containment efforts by authorities gain traction. The fire is now 27% contained and the number of structures under threat has almost halved since ... Read the full article
California’s Carr wildfire continues to spread, marking worst season in decade
30th July 2018
The Carr wildfire, which hit Shasta county in Northern California last week, has claimed at least six lives and destroyed or damaged more than 1,000 structures, and continues to spread despite efforts to contain the blaze. The fire more than doubled in size over the weekend, driven by strong winds and ... Read the full article
California homes in at-risk wildfire areas may become uninsurable: Report
11th July 2018
Reconstruction efforts are underway in California following the devastating October 2017 wildfires, but many commentators and re/insurance experts have begun to question the prudency of rebuilding and re/insuring homes in these hazardous areas, according to a report by the Columbia Law School. Approximately 250 wildfires sparked in Northern California on the ... Read the full article
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