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California wildfire season could be extreme in 2021, warn experts

Scientists, meteorologists and other experts with a view on wildfire related conditions in the state of California are warning of the potential for an extreme, potentially catastrophic 2021 wildfire season, as tinder dry conditions begin particularly early in the year. The last few years of California wildfires have shown the insurance, read the full article →

Nationwide’s aggregate rises on winter storms, Caelus cat bond losses possible

The catastrophe bond market looks set to face some additional losses under Caelus Re catastrophe bonds sponsored by US primary insurance giant Nationwide Mutual Insurance Company, as its aggregate risk period losses have risen after February's US winter storms and Texas freeze. Nationwide has notified investors in its outstanding Caelus Re read the full article →

Allstate’s wildfire subrogation recoveries reach $605m

U.S. primary insurance giant Allstate has revealed that it expects to receive around $605 million in subrogation recoveries on claims related to the California wildfires, with a significant percentage already booked. Previously, Allstate had reported $450 million of PG&E related subrogation related to California wildfires claims, which included subrogation due on read the full article →

Perth Hills bushfires declared catastrophe, as losses pass $40m: ICA

The Perth Hills bushfires, which continue to burn to the north east of Perth, Western Australia, has now been declared a catastrophe, as it continues to destroy structures and losses from claims are estimated to have reached $40 million, according to the Insurance Council of Australia. The fires, which have been read the full article →

Bushfire on outskirts of Perth, Australia destroys 71 homes

A bushfire spreading on the outskirts of Perth, Western Australia has now destroyed 71 homes and more property damage is anticipated as the fire continues to expand and threaten communities in the area. The Wooroloo bushfire started on February 1st 2021 and was battled by more than 500 fire fighters. Despite these read the full article →

CATCo retro fund rises 7% on reduced 2017 wildfire claims (subrogation?)

Some shareholders in the CATCo Reinsurance Opportunities Fund Ltd., Markel CATCo Investment Management’s listed retrocession focused investment fund, have benefited from a reduction in claims related to California's 2017 wildfires, perhaps suggesting a subrogation recovery has made its way through to the portfolio. The in-run off retrocessional reinsurance focused investment fund's read the full article →

SoCal Edison agrees $2.2bn Woolsey Fire subrogation settlement

California electrical utility Southern California Edison has agreed a $2.2 billion payout to settle all insurance subrogation claims from pending litigation related to the 2018 Woolsey Fire and expects to exhaust its remaining $700 million of wildfire coverage as a result. As we explained previously, following Pacific Gas and Electricity’s (PG&E) read the full article →

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 →