insured losses News

RMS Says Insured Losses from 2020 Western U.S. Wildfires $7-$13B

RMS estimates insured losses from the record-breaking western U.S. wildfires this season will be between $7 and $13 billion. These losses reflect estimates as of Dec. 1. The ignition of the highly damaging Glass Fire and additional spread of the …

Moody’s Says Property/Casualty Insurers Face Significant Losses from Western Wildfires

Dozens of wildfires raging in California, Oregon, Washington and other Western states have resulted in loss of life, damaged or destroyed about 9,657 homes and commercial structures and burned more than 5 million acres, according to the National Interagency Coordination …

Cat Risk Modelers Air Worldwide, KCC Release Laura Insured Loss Estimates

Estimates for insured property losses associated with Hurricane Laura by catastrophe risk modeling firms Air Worldwide and Karen Clark and Co. (KCC) are similar — both fall into the $8 billion range — but they are not exactly the same. …

A Tale of Two Californias: Managing Wildfire Risk in the Year 2030

For most of the 20th century, the insurance industry considered wildfires to be little more than a benign nuisance. They occurred frequently but rarely resulted in more than a handful of claims, and underwriters priced for them in the same …

Report: $221B in Western U.S. Homes at Extreme Risk of Wildfire Damage

Nearly 776,000 homes with a reconstruction cost value of more than $221 billion are at extreme risk of wildfire damage, a new report out Thursday shows. The 2019 CoreLogic Wildfire Risk Report examines single-family and multifamily residential properties at risk …

Wildfires Making Insurance Harder to Find, California Department of Insurance Says

Severe wildfire seasons have made it harder for homeowners to find insurance in high wildfire-risk areas, according to new data collected by the California Department of Insurance. The data released this week from the CDI shows a 6% increase in …

New Barry Insured Loss Estimate: Not More Than $500M, RMS Says

Global risk modeling and analytics firm, RMS, has estimated that the insured U.S. losses from Hurricane Barry will not exceed $500 million. This estimate represents insured losses associated with wind, storm surge and inland flood damage, including losses to the …

Investigators Blame PG&E Lines for Deadliest Wildfire in California History

State fire investigators have determined that transmission lines owned by Pacific Gas & Electric Co caused the deadliest and most destructive wildfire on record in California, a blaze that killed 85 people last year, officials said on Wednesday. The wind-driven …

Insured Losses from November 2018 California Wildfires Top $12B

Insured losses from the most destructive wildfire month in California’s history climbed $614 million in the first three months of the year, pushing total claims over $12 billion as of April, the California Department of Insurance announced on Wednesday. Together …

Expert Ponders California Wildfire Commission, Other Solutions to State’s Severe Seasons

Establishing a California Wildfire Commission is just one idea an expert is tossing out to help the state deal with worsening fire seasons. James Woods was formerly co-leader of Mayer Brown’s Global Insurance Industry Group and chair of the LeBoeuf, …