losses News

Damage from Massive Alaska Earthquake Evident at Military Base

Last week’s magnitude 7.0 earthquake near Anchorage caused multiple problems at the sprawling Joint Base Elmendorf-Richardson, including damage to steel frameworks, ceilings, and sprinkler and heating systems, military officials said Friday. But as with the rest of the earthquake zone, …

Farmers Expects $2.1B in Claims from California Wildfires

Farmers Insurance expects $2.1 billion in claims from the California wildfires in November. The Los Angeles, Calif.-based carrier said it has so far received more than 9,000 claims combined for the Camp Fire in Northern California and the Woolsey Fire …

Moody’s Says California Wildfire Losses Will Impact P/C Insurer, Reinsurer 4Q Earnings

Moody’s has released estimates showing property/casualty insurers and reinsurers total insured losses at $10 billion $15 billion from the California wildfires, which destroyed more than 20,000 residential and commercial structures, and damaged nearly 1,000 structures. Moody’s says it expects insured …

PG&E Decided Not to Cut Power as Winds Raged Before California Wildfire

In the days before California’s deadliest wildfire erupted near a PG&E Corp. power line during a windstorm, the company kept a close eye on the weather, warned customers it might shut off electricity in the area, and finally decided conditions …

Study Looks at Multiple Landslides in Minnesota

A study has determined that nearly 500 landslides have happened in the Mankato area in recent years. Minnesota State University Earth Science Programs Director Phillip Larson with the help of students mapped out the area’s ravines, bluffs, nooks and crannies …

Wildfire Relief for PG&E in California May Not Include Fix Utility Wants

PG&E Corp., suspected of starting California’s deadliest wildfire, may soon get help from state lawmakers – just not the help it most wants. As early as Dec. 3, a lawmaker plans to introduce a bill that would give the state’s …

PG&E Says There Was Another Outage on Morning of California Wildfire

California utility PG&E Corp , facing investor concerns over its possible role in the deadly Camp Fire in Northern California, has reported another power-line outage that it experienced on the morning of Nov. 8 when the blaze started. The incident …

S&P Says Insurers and Reinsurers Can Absorb Losses from California Wildfires

S&P Global Ratings expects both the primary insurers and reinsurers to be able to absorb losses from the California wildfires, limiting them to an earnings event. However, the mounting bills from more frequents large wildfires in the state against a …

California Commissioner Wants Fire Claims Expedited, 9K Properties Lost

California Insurance Commissioner Dave Jones on Thursday issued a notice to insurers requesting they agree to expediting claims handling for Camp and Woolsey wildfire survivors to help them begin the recovery and rebuilding process more quickly. The Camp Fire, the …

How Insurance Industry Might React to ‘New Normal’ of California’s Historic Wildfires

The “new normal” for California has yielded another year of record wildfires and billions of dollars in insured losses. Homeowners insurance rates inch up in high risk areas, and carriers get more cautious about where they write in a state …