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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 →

RMS to enhance view of U.S. wildfire risk with new HD model

Catastrophe risk modelling specialist RMS is hoping to enhance the insurance and reinsurance industries view of U.S. wildfire risks with a new high-definition risk model that was launched last week.After the severe California wildfire losses of 2017 and 2018 the subject of wildfire risk, the market's ability to underwrite it 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 →

California wildfire insured losses hit $11.4bn: Insurance Commissioner

Direct incurred insured losses reported to the local authority after the recent Camp and Woolsey wildfires in California have risen 25% to hit $11.4 billion, according to the state Insurance Commissioner.In December the figure was reported at $9 billion by the California state insurance authorities, but claims continue to be 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 →

Chubb pegs Q4 catastrophe losses at $585m after reinsurance

U.S. and global primary insurance firm Chubb said that it expects fourth-quarter 2018 catastrophe losses after reinsurance will cost the company $585 million before tax, with hurricane Michael and the California wildfires the major contributors to the loss.Chubb had previously revealed a creeping loss from hurricane Michael, which it originally 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 →

California wildfire losses could hit $20bn, based on Allstate’s share

The market expectation for the eventual insurance and reinsurance industry loss from the recent California wildfires already stands above $15 billion, but the $1.2 billion gross impact reported by primary insurer Allstate suggests that $20 billion may even be in sight.The recent wildfire outbreak resulted in the complete destruction of read the full article →

California wildfire reported losses pass $9bn: Insurance Commissioner

Direct incurred insured losses from the recent Camp and Woolsey wildfires in California have already passed $9 billion, according to the state Insurance Commissioner.Over 77% or $7 billion of the $9.05 billion total insurance claims counted so far are attributed to the Camp wildfire that struck northern California's Butte County, read the full article →