insured losses News

Bill to Address California Wildfire And Insurance Crises Moving Through Legislature

A California Assembly committee advanced a bill designed to deal with the state’s wildfire and insurance crises. The California Safe Homes Act, Assembly Bill 888, passed out of the Assembly Insurance Committee on a unanimous vote. Related: Forecast Calls for …

Arch Capital’s First-Quarter Profit Halves on LA Wildfire Losses

Arch Capital’s first-quarter profit fell 49.2% as catastrophe losses from the California wildfires weighed on its underwriting performance and investment returns, the insurer said on Tuesday. The results mirror those of peers W R Berkley and Chubb, which also reported …

Lawmakers Agree to Pay $807M Into Lahaina Wildfires Settlement Fund

It’s not often that applause breaks out in the audience after a vote at the HawaiĘ»i Legislature, but that one afternoon this week. The measure was House Bill 1001, and the subject was settling claims related to the August 2023 …

Lawsuits Accuse Insurers of Colluding to Drop Coverage in Fire-Prone Parts of California

Two lawsuits filed in Los Angeles allege major home insurance companies have colluded to limit coverage in California communities at high risk for wildfires and force homeowners onto the state’s last-resort insurance plan that offers basic coverage and high premiums. …

A ‘Low-Attention Disaster,’ Mountain Fire Survivors Recover in LA’s Shadow

The ashes of Hatim Naim’s burned home lie just a few dozen miles west of the Los Angeles areas destroyed by January’s Palisades and Eaton fires. But because the Mountain Fire, which destroyed 182 houses and other structures in Ventura …

Death Toll From Los Angeles Wildfires Reaches 30

Nearly three months after two wildfires destroyed thousands of homes in the Los Angeles area, officials said the death toll from the blazes had reached 30. A team responded last week following a report of possible human remains at a …

California FAIR Plan Stabilization Act Moving Through Legislature

A bill that aims to enable the California FAIR Plan to seek additional claims paying capacity is making its way through state Legislature. Assembly Bill 226, the FAIR Plan Stabilization Act, passed out of the Assembly 72-0. Related: California OKs …

Viewpoint: Smoke Damage from LA Wildfires Leaves Questions to Be Answered

The question has come up wondering if smoke damage is covered for those homes that were impacted by the Los Angeles wildfires but were not damaged by the actual fires. A cloud of smoke from a fire is larger than …

State Farm Has Paid Out $2.5 Billion for LA Wildfires

State Farm has reported paying out $2.5 billion for the Los Angeles wildfires in January, more than double what the carrier reported paying out weeks earlier. “As of March 28, we’ve received more than 12,300 total claims related to the …

Catastrophe Experts Tap AI to Tackle Soaring Insured Losses

Insurers are betting on a suite of new AI-driven techniques to better predict surging losses from climate-driven weather catastrophes ranging from unprecedented wildfires to hurricanes and floods. Less than three months into the year, natural disasters are already causing major …