California Wildfires News

Insurance Covered $90B of Natural Disaster Losses in 2018, Leaving 60% Protection Gap

The economic costs of last year’s 394 natural catastrophe events came to US$225 billion with insurance covering US$90 billion of the overall total, creating the fourth costliest year on record of insured losses, according to an Aon report titled “Weather, …

PG&E Says It Won’t Commit to Paying Settlements With 2015 California Fire Victims

PG&E Corp. is so cash-starved that it won’t commit to paying settlements reached with people who lost their homes in a 2015 wildfire caused by a tree falling on a power line. The disclosure by a lawyer for the utility …

Argo Estimates Losses from Q4 Natural Catastrophes, Other Claims to Hit $44M

Argo Group International Holdings, Ltd., the Bermuda-based re/insurer, announced a preliminary pre-tax catastrophe loss estimate of $32 million for the fourth quarter of 2018, primarily related to Hurricane Michael and the California wildfires. Additionally, the company’s fourth quarter 2018 results …

Failure to Mitigate Climate Change, Cyber Attacks Are Top Global Threats: WEF

The failure to tackle climate change and extreme weather events are the most threatening global risks this year, according to the World Economic Forum. Inability to mitigate or adapt to climate change leapfrogged several places on the list as the …

Multiple Smaller Natural Disasters in 2018 Created ‘Unusual’ Insured Loss Picture: Willis

Insured loss estimates from major natural catastrophes in 2018 totaled roughly $71.5 billion, the highest since 2011’s annual market losses of $120 billion, according to Willis Re. However, the insured losses in 2018 are slightly less than half of those …

PG&E Restructuring Highlights California’s Inverse Condemnation Rule

PG&E Corp.’s chances of emerging from bankruptcy proceedings hinge in part on an arcane California legal rule that threatens to keep the utility owner perpetually on the hook for liabilities from catastrophic wildfires even beyond the more than $30 billion …

Swiss Re Estimates Its Q4 Natural Catastrophe Claims to Hit US$1.0B

Swiss Re estimates it will pay claims of approximately $1.0 billion for natural catastrophes booked in the fourth quarter of 2018, with the largest generated from California wildfires and Hurricane Michael. These natural disaster claims will mainly affect its Reinsurance …

‘Goat Fund Me’ Campaign Launched by California Town to Prevent Wildfires

The threat of catastrophic wildfires has driven a California town to launch a “Goat Fund Me” campaign to bring herds of goats to city-owned land to help clear brush. Nevada City in the Sierra Nevada began the online crowdsourcing campaign …

PG&E Bankruptcy Looms With $30B in Potential Liabilities from California Wildfires; CEO to Exit

PG&E Corp. said it will file for bankruptcy in California after the cost of wildfires left it with potential liabilities of $30 billion or more, gutting its share price and prompting the departure of its chief executive officer. The San …

Trump, California in Battle Over Wildfire Relief Funds

President Donald Trump threatened this week to withhold money to help California cope with wildfires after Gov. Gavin Newsom asked him to double the federal investment in forest management. Trump again suggested poor forest management is to blame for California’s …