California Commissioner Backs Disaster Insurance Bill to Fight Climate Change-Driven Wildfires

Article 0 Comments California’s insurance commissioner and a lawmaker want to the state to consider buying insurance in the private market to cover rapidly increasing costs of fighting wildfires due to climate change. State Sen. Bill Dodd, D-Napa and California Insurance Commissioner Ricardo Lara on Thursday proposed the California Disaster […]

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

Article 0 Comments 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, Lamb, Greene & MacRae Insurance Practice. He […]

Insurance Covered $90B of Natural Disaster Losses in 2018, Leaving 60% Protection Gap

Article 0 Comments The economic costs of last year’s 394 natural catastrophe events came to US$225 billion with insurance covering US$90 billion of the overall total, creating the fourth costliest year on record of insured losses, according to an Aon report titled “Weather, Climate & Catastrophe Insight – 2018 Insight […]

Multiple Smaller Natural Disasters in 2018 Created ‘Unusual’ Insured Loss Picture: Willis

Article 0 Comments Insured loss estimates from major natural catastrophes in 2018 totaled roughly $71.5 billion, the highest since 2011’s annual market losses of $120 billion, according to Willis Re. However, the insured losses in 2018 are slightly less than half of those from 2017, and are marginally above the […]

California Wildfire, Hurricane Michael Top List of 2018’s Costliest Natural Disasters: Munich Re

Article 0 Comments The costliest natural catastrophes occurred in the United States in 2018 with one of California’s devastating wildfires and Hurricane Michael topping the list, according to Munich Re. A report from Munich Re on last year’s natural disasters pointed to “clear indications” that man-made climate change is a […]

Most Insurers to Increase Payments to California Wildfire Victims Without Itemization

Article 0 Comments California Insurance Commissioner Dave Jones said this week that most insurers were following a notice he issued requesting that residential property insurers provide at least 75 percent and up to 100 percent of contents coverage limits for wildfire victims who experienced a total loss without the requirement […]

California Commissioner Wants Insurers to Waive Inventory Requirement for Wildfire Victims

Article 0 Comments California Insurance Commissioner Dave Jones is asking residential insurers to pay at least 75 percent and up to 100 percent of personal property or contents coverage in the event of a total loss without requiring policyholders to provide detailed personal property inventories to help victims of the […]

Official Figure on Insured Losses for 2018 California Wildfires Reaches $9B

Article 0 Comments The official tally for insured losses from this year’s major California wildfires is $9.05 billion – for now. California Insurance Commissioner Dave Jones on Wednesday released official figures for losses from the Camp Fire in Northern California and the Woolsey and Hill wildfires in Southern California this […]

PG&E Sued for Ad Spending Instead of on Preventing Events Like the California Wildfire

Article 0 Comments PG&E Corp. was accused of putting its “reputation above public safety” in a lawsuit alleging that the power company spends too much on advertising and not enough on preventing devastating Northern California wildfires like the one that destroyed the town of Paradise last month. While the cause […]

Modeler: Insured Losses from Camp Wildfire in California at $6B to $9B

Article 0 Comments Catastrophe modeling firm AIR Worldwide estimates that industry insured losses from the Camp Fire in Northern California will be between $6 billion and $9 billion, and taken together with the Woolsey fire in Southern California AIR estimates industry insured losses at between $9 billion and $13 billion. […]