insured losses News

New Fire Maps Put Nearly 4M Californians in Hazardous Zones

New bursts of yellow dot the hills of Mendocino County. Smears of burnt orange now span the aqueduct near Bakersfield. A fresh splash of crimson juts east of Chico like a fresh wound. With the release of its fourth and …

Los Angeles Presses State for Help With $1B Deficit As It Rebuilds From Fires

Los Angeles is looking to California for financial help as the city faces a nearly $1 billion budget deficit projected for the next fiscal year. Mayor Karen Bass and a group of city council members went to Sacramento, the state …

Wildfires in Carolinas Prompt Evacuations

Wildfires forced a mandatory evacuation Sunday in a North Carolina county still recovering from Hurricane Helene, and South Carolina’s governor declared an emergency in response to a growing wildfire in that state. Hundreds of miles north, the New Jersey Forest …

Hawaii Islands Sinking Faster in Some Areas, Increasing Flood Risk

Parts of Hawaii are sinking faster than others, according to a recent study led by researchers at the University of Hawaii at Mānoa, highlighting the flood risk to infrastructure, businesses and communities in low-lying areas especially in certain urban areas …

Wall Street Brokers Start Trading Insurer Claims From LA Fires

Wall Street brokers have started selling insurers’ claims tied to Los Angeles’ deadly wildfires, which may trigger a payout from the utilities blamed for the destruction, according to people familiar with the matter. Investors are buying so-called subrogation claims, obtaining …

California Insurance Commissioner Provisionally OKs State Farm’s 22% Rate Request

California Insurance Commissioner Ricardo Lara provisionally approved State Farm’s request for a 22% interim homeowners insurance rate hike, the California Department of Insurance announced on Friday. The approval depends on whether the company can justify the rate increase with data …

Next Round of Inspections in LA Fire Expected Next Week, Edison CEO Says

Southern California Edison will begin its first close-up physical inspections of certain power equipment under investigation for possible links to the start of the Eaton Fire in Los Angeles early this year, Edison International CEO Pedro Pizarro told Reuters at …

State Farm, Consumer Group Battle Ahead of Calif. Insurance Commissioner Decision

Ahead of a decision from California’s insurance commissioner on a State Farm General request for emergency rate increases, company executives and representatives of a consumer group pled their opposing cases in letters to Commissioner Ricardo Lara. Breaking News Update: After …

Insurer Payouts Now at $12B for LA Wildfires, Report Shows

Insurance companies have so far paid out more than $12 billion for losses from the two biggest of the Los Angeles-area wildfires that swept through the region and destroyed tens of thousands of homes in January. California Insurance Commissioner Ricardo …

Lloyd’s Said It Will Lose $2.3B From LA Wildfires

Lloyd’s this week said it will lose $2.3 billion from the Los Angeles wildfires in January, adding to the number of companies that have paid out more than $1 billion in losses from the catastrophe. The company revealed the losses …