2020 US wildfire industry loss estimate lifted to $7bn – $13bn by RMS

The estimated insurance and reinsurance market loss from wildfires that have affected largely the western United States in 2020 is now estimated to be some two-thirds higher, as catastrophe risk modeller RMS has lifted its loss estimate range to $7 billion and $13 billion. Previously, RMS had estimated the industry loss read the full article →

Australia’s bushfire risk more focused on grasslands & crops this year due to La Niña

A forecast for Australian bushfire risk for the summer months of December 2020 through February 2021 suggests that forested areas could see normal levels of risk, while higher-risk is seen for grassland or crop growing areas of the south and in particular south east of the country. Australia suffered significant bushfires read the full article →

U.S. wildfire losses reach $11.5bn after October: Jefferies

Insurance and reinsurance industry losses from wildfires in the United States are now estimated to have reached around $11.5 billion, making 2020 the third most costly wildfire season on record for the market. This is according to analysis by investment bank Jefferies and based on data sourced from reinsurance market players read the full article →

Industry losses from western U.S. wildfires seen beyond $8bn by Aon

Insurance and reinsurance industry losses from wildfires burning across western U.S. states including California, Oregon and Colorado are together expected to have already reached beyond $8 billion, according to the latest report from Aon's Impact Forecasting. The insurance and reinsurance broker's catastrophe risk modelling, analytics and meteorology unit expects that the read the full article →

Southern California on wildfire Red Flag alert again

Parts of southern California are back on a wildfire Red Flag warning for the next two days, as what officials are calling the most critical fire weather conditions since at least October 2019 are forecast. Cal Fire is calling for a moderate to strong Santa Ana Wind event affecting the Los read the full article →

Flow of wildfire subrogation benefits continues with SoCal Edison recoveries

While wildfire subrogation recoveries are now being seen across reinsurance and insurance-linked securities (ILS) from utility Pacific Gas and Electricity's (PG&E) massive $11 billion settlement payments, the flow of recoveries will likely continue thanks to a new agreement from Southern California Edison, as well as possible future agreements. As we explained read the full article →

California wildfires flare up again in critical fire weather conditions

Wildfires in California have once again flared up and begun to expand, as critical fire weather conditions set in over the weekend resulting in evacuation orders and warnings. The 2020 wildfire season in California is now the largest on record, with 7,928 fire incidents having already burned some 3.63 million acres  read the full article →

Western U.S. wildfire insured losses estimated up to $8bn by RMS

Insurance and potentially reinsurance market losses from the ongoing wildfires across western U.S. states are now estimated to have reached between $4 billion to as much as $8 billion, by catastrophe risk modeller RMS. The range is closely aligned with Moody's prediction for industry losses from the wildfires so far this read the full article →

ILS fund subrogation benefits from PG&E may take a year to flow

While Pacific Gas and Electricity (PG&E), the wildfire stricken Californian electrical utility, made its $11 billion of subrogation payments in July, the benefits for insurance-linked securities (ILS) funds are expected to take as long as a year to be fully accounted for in the valuation of their exposed ILS and read the full article →

U.S. wildfire industry losses estimated at $5bn to $8bn by Moody’s

Western U.S. wildfires so far this year have damaged or destroyed around 9,657 residential and commercial structures, while burning more than 5 million acres and the toll for the insurance and reinsurance industry could be as much as $8 billion already, according to Moody's. Moody's Investors Service said that insured losses read the full article →