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Expect $15bn to $19bn California wildfire property loss, says Corelogic

The recent Camp and Woolsey wildfires in the state of California are estimated to have caused total residential and commercial property losses of between $15 billion and $19 billion, according to Corelogic. Corelogic said that its updated residential and commercial property loss estimate for the recent wildfires in California put total read the full article →

California wildfires to cost over $10 billion “if not much more” – Aon

The latest outbreak of California wildfires have now burned their way through more than 20,000 residential or commercial properties and minor structures and this is expected to result in economic losses of above $10 billion, if not much higher, according to broker Aon, with the majority expected to be insured. When read the full article →

California’s Camp wildfire toll rises by another 1,273 structures destroyed

The property loss from the Camp wildfire in California continues to increase as investigations within the almost contained blaze continue, with the total number of residential, commercial and minor structures destroyed by the Camp fire alone rising by another 1,273 or 7% to reach a total of 18,421. The Camp wildfire read the full article →

Wildfire losses should have been priced in, says Fitch

While losses from the ongoing California wildfire outbreak are set to likely be the most significant from the peril ever faced by insurance and reinsurance markets, rating agency Fitch says they should still have been priced into policies. "While insured losses are certain to be significant, they are expected to remain read the full article →

California wildfire properties destroyed rises another 8% to 18,652

The number of properties destroyed by the ongoing California wildfire outbreak has risen by another 8% since yesterday, with the total rising to 18,652 structures, across residential, commercial and other buildings types, largely driven by continued assessment of the Camp fire in Butte County. Yesterday, we reported that 17,354 properties and read the full article →

Wildfire property toll rises further, now 17,354 structures destroyed

The number of residential, commercial and other properties lost to the ongoing wildfire outbreak in California has risen by another 12% since yesterday, with the total number of structures reported as destroyed reaching 17,354, suggesting the industry loss for insurance, reinsurance and ILS market interests keeps rising. Yesterday, we reported that read the full article →

Mutual & listed ILS funds decline further on wildfire threat

The main mutual insurance-linked securities (ILS) and listed reinsurance linked investment fund strategies fell again on Friday as the threat of losses from ongoing California wildfires resulted in a decline in their share prices, while a stock-exchange listed strategy also declined through last week. Since November 9th when the current California read the full article →

Modest wildfire impact possible for Pioneer ILS Interval Fund

The Amundi Pioneer managed interval-style mutual insurance-linked securities (ILS) fund, the Pioneer ILS Interval Fund, is expected to face a "modest" impact from the ongoing California wildfire outbreak. Asset management giant Amundi Pioneer Investment Management manages a growing U.S. mutual insurance-linked securities and reinsurance linked investment fund which has broad property read the full article →

Cat bond funds take NAV hit on wildfire cat bond write-down

Catastrophe bond fund managers have been marking down their holdings in Pacific Gas & Electric Co’s (PG&E) $200m Cal Phoenix Re Ltd. (Series 2018-1) cat bond on the expectation that it could face a total loss of the utility is found liable for the Camp wildfire in California. As a result read the full article →

RMS puts Camp & Woolsey wildfire losses at up to $13 billion

Catastrophe risk modelling specialist RMS has estimated that industry insured losses from the Camp and Woolsey wildfires in California could reach as much as $13 billion, which is aligned with the opinions of insurance, reinsurance and ILS market sources. RMS said that it expects the insurance and reinsurance industry will take read the full article →