california
Ventura County wildfire could add $2bn to insured losses: KBW
A wildfire that has broken out in Ventura County, California in the last day could add as much as $2 billion to the insured loss tally from wildfires in the region, according to KBW's analysts, which would exacerbate the hit from California wildfires to insurance, reinsurance and even ILS capital.Keefe, read the full article →
California wildfires to cost industry up to $10.5bn: AIR Worldwide
The California wildfires are now thought likely to cost the insurance and reinsurance industry up to $10.5 billion by risk modeller AIR Worldwide, a significant uplift on its first estimate after the firm surveyed the affected areas and reassessed replacement values for certain properties.It's a significant increase from AIR's first read the full article →
Allstate estimates California wildfire losses at approx $452m
Primary insurance giant Allstate has estimated that the California wildfires will cost the firm around $452 million in losses, before tax, which took its October catastrophe loss tally to $514 million.Allstate said that 11 catastrophe events cost the firm $502 million, which added to $14 million of reserve strengthening on read the full article →
Wildfire losses hit record level on October fires in California & Portugal
Wildfires in California and Portugal have made October the most costly month for that peril for the insurance and reinsurance industry, with around $8.2 billion in losses for the sector, according to Aon Benfield's Impact Forecasting unit.As we wrote last week, reinsurance broker Aon Benfield believes that the California wildfires read the full article →
California wildfire insured loss expected to hit $8bn: Aon
Insurance and reinsurance industry losses from the recent California wildfire outbreaks are expected to hit $8 billion, making the event the costliest insured wildfire loss on record, according to Aon Benfield unit Impact Forecasting.With insurers estimates of losses now coming in and at the high-end of expectations in some cases, read the full article →
RenaissanceRe warns on wildfires, third-party capital could be exposed
Bermudian reinsurance firm and third-party reinsurance capital manager RenaissanceRe put out a warning that it expects the California wildfires to result in a financial impact to the firm that will be "significant and could be material" which could suggest some of its third-party capital vehicles may also be exposed.RenaissanceRe manages read the full article →
RMS puts California wildfire cost at up to $8bn, insured loss to be similar
Catastrophe risk modelling firm RMS has estimated the economic costs of the wildfires in the wine region of California as between $6 billion and $8 billion, explaining that the high penetration rates of wildfire insurance coverage means that the industry loss is expected to be similar.RMS' estimate that the wildfire read the full article →
AIR puts northern California wildfire industry loss at up to $3bn
Catastrophe risk modelling specialist AIR Worldwide has issued an estimate of insurance and reinsurance industry losses from wildfires in the northern areas of California, saying that the bill for the sector is likely to be from $2 billion to as much as $3 billion.It's important to note that AIR's estimate read the full article →
California wildfires estimated a $5bn to $8bn insured loss
Early estimates for the bill facing the insurance and reinsurance industry from the devastating California wildfire outbreaks are coming in around a range from $5 billion to $8 billion, according to executives at Aon Benfield.Speaking during a presentation, Dan Dick, Executive Managing Director at Aon Benfield Analytics, said that early read the full article →
California wildfire costs rising with 8,400+ structures destroyed
The economic costs of the devastating wildfires that have hit California in recent weeks has continued to rise, with the latest estimate from the local government suggesting that around 8,400 structures, largely homes, have now been completely destroyed by the blazes.At least 10 wildfires continue to burn int he state read the full article →
