wildfire losses News

Why Utilities Are Turning to Bond Market to Pay for Natural Disaster Losses

Fires and floods are sending some of the nation’s largest utilities to the bond market to cover huge, unexpected bills. California’s PG&E Corp., which was forced into bankruptcy a year ago after its equipment sparked the deadliest wildfire in state …

How Forested Communities Are Trying to Adapt to Growing Wildfire Threat

Unless it’s Sunday, Kelly Loew is steering her rusty red Jeep down the same mail route in Shingletown, as she has six days a week for the last seven years. But she delivers less mail these days as California’s persistent …

Assessing Wildfires’ Impact on P/C Insurers’ 2018 Results

Fitch Ratings said it expects the November wildfires in California to have some but not great impact on property/casualty insurers’ year-end results and it anticipates limited or no rating actions due to the fires. The rating agency is maintaining stable …

Allstate’s Shares Fall Under Weight of Wildfire Losses

Allstate Corp. tumbled for nine straight days, the longest string of losses since 2001, as coverage costs from the deadliest fires in California’s history are tallied. The company seemed to have “out-sized exposure” to the location of the blazes, Wells …

Latest Estimates of Insured Losses from California Wildfires at $9B to $13B

Insured losses from the Camp and Woolsey wildfires in California will be between $9 billion and $13 billion, according to the latest estimates from catastrophe modeler RMS. RMS’ latest estimates released on Monday show $7.5 billion to $10 billion for …

Chubb $380M Q1 Cat Loss Estimate Includes California Wildfires, East Coast Storms

Chubb Limited released preliminary net loss estimates for the first quarter of 2018 attributable to natural catastrophes, including the California mudslides, of $380 million pre-tax, or $305 million after tax. Losses from the California mudslides are estimated at $125 million …

Loss from Tennessee Wildfire Estimated at $12 MIllion

Sevier County, Tennessee authorities estimate the loss in a wildfire earlier this month at about $12 million. The Mountain Press reported the figure includes only the value of the cabins destroyed or damaged in the March 17 fire at Black …