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Utility equipment said responsible for 2017’s Thomas wildfire in California

While reinsurance interests and holders of the Cal Phoenix catastrophe bond await the determination of whether PG&E's equipment was the cause of the significant Camp wildfire of 2018, another utility's power lines have now been deemed the cause of one of the largest 2017 blazes.Southern California Edison is the electrical read the full article →

“Probable” PG&E’s equipment an ignition point of Camp wildfire, utility says

California focused electrical utility PG&E Corporation (the Pacific Gas and Electric Company) has said that it is "probable" that its equipment will be determined to be an ignition point of the 2018 Camp wildfire.The Camp wildfire is currently estimated to have caused an insurance and reinsurance market loss of as read the full article →

PG&E’s wildfire cat bond cost it almost $27m per-year in premium

Bankruptcy threatened California focused electrical utility PG&E Corporation (the Pacific Gas and Electric Company) spent almost $27 million in annual premium for the $200 million of coverage it received from the at-risk Cal Phoenix Re Ltd. (Series 2018-1) catastrophe bond.This catastrophe bond was considered ground-breaking in a number of ways.It read the full article →

PG&E and utilities not liable for starting Tubbs wildfire

The Tubb's wildfire which burned California in October 2017 was not ignited by equipment from Pacific Gas & Electric Co’s (PG&E) or any other utility provider, hence this particular fire cannot trigger liability claims from the insurance and reinsurance backing the firms.The Tubb's wildfire burned the Sonoma and Napa county read the full article →

PG&E’s liability tower to pay out, say analysts, likely includes cat bond

Pacific Gas & Electric Co’s (PG&E) liability insurance tower is still expected to face a total loss in the face of significant claims for wildfire damages, despite the utilities impending bankruptcy status.PG&E filed for Chapter 11 bankruptcy protection in recent days, saying it is the only viable route for the read the full article →

Speculators & lawyers circle Cal Phoenix Re wildfire cat bond

The $200m Cal Phoenix Re Ltd. (Series 2018-1) catastrophe bond, which was sponsored by now under-pressure California electrical utility PG&E, has become the subject of a significant amount of interest from a range of investors and law firms that see a potential opportunity to speculate on its fate or divert read the full article →

Amundi Pioneer’s ILS fund wildfire loss expectation rises again

Asset management giant Amundi Pioneer Investment Management has again raised its expectations for the level of losses its interval-style mutual insurance-linked securities (ILS) fund will face from the recent California wildfires.The asset manager had initially been expecting only a “modest” impact for its Pioneer ILS Interval Fund from the ongoing read the full article →

Hours clause questions raised over California wildfire reinsurance claims

Questions related to the hours clause are being raised with respect to the recent California wildfires, as some cedants look to the possibility of claiming more than once on their reinsurance or retrocession protection, Artemis has learned.The hours clause specifies the duration an event can be considered as a single read the full article →

Camp wildfire industry loss up to $9bn: AIR

The insurance and reinsurance industry loss estimate for the northern Californian Camp wildfire has now been estimated as from $6 billion up to $9 billion by catastrophe risk modeller AIR Worldwide.AIR last week estimated that the southern California Woolsey wildfire would cost the industry at least $2.5 billion.As a result, read the full article →

Woolsey wildfire industry loss at least $2.5bn: AIR

The Woolsey wildfire in southern California is estimated to have caused at least a $2.5 billion insurance and reinsurance industry loss by catastrophe risk modeller AIR Worldwide.The figure is aligned with estimates from brokers, rating agencies and other catastrophe modelling firms.AIR said its assumption is based on 100% take up read the full article →