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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 →

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 →

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 →