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Australia bushfire loss estimate raised 19% to A$1.86bn by PERILS

An estimate of insurance and reinsurance industry losses from the severe bushfires in Australia over the last season has been raised by 19%, with the hours clause appropriate seven consecutive day period loss now seen as A$1.86 billion (almost US $1.3bn) by PERILS AG. Zurich based industry backed catastrophe loss data read the full article →

PG&E pays $11bn subrogation settlement, joins Wildfire Fund

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has finally made its payments to insurance, reinsurance and other entities holding subrogation claims rights, amounting to an $11 billion settlement. Having now successfully emerged from Chapter 11 bankruptcy and secured financing for its future operations, PG&E has read the full article →

PG&E bankruptcy confirmed, Wildfire Fund & subrogation to follow

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has achieved another important milestone in its history, as its bankruptcy plan has now been confirmed putting it on track to join the California Wildfire Fund and also to make its subrogation settlement payments. With the United States read the full article →

Nationwide gives partial redemption & extends Caelus Re V 2017 cat bonds

Nationwide Mutual Insurance Company, the U.S. primary insurer, has allowed a partial redemption of one of the tranches of its Caelus Re V Ltd. (Series 2017-1) catastrophe bond amounting to $75 million of collateral released. At the same time, Nationwide Mutual has opted to hold onto the collateral remaining from this read the full article →

Australian summer catastrophe industry losses surpass A$5bn

Insurance and reinsurance market losses from Australia's series of summer catastrophe loss events have now risen to a new high of almost AU $5.1 billion, according to the Insurance Council of Australia. When we last covered these loss events, which range from severe convective weather related hail storms, to flooding and read the full article →

PG&E says “reasonably possible” it faces $600m+ loss from Kincade wildfire

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has said that it could face more than $600 million of losses from the 2019 Kincade wildfire if its equipment is found liable for the fire's ignition. At the moment it's unknown whether PG&E could face these additional read the full article →

California Wildfire Fund seeks reinsurance renewal, program expansion

The California Wildfire Fund, which was established last year to back some of the wildfire liabilities related to utilities operating in the state, will go back to the reinsurance market to seek a renewal and an expansion of its first program for 2020 and beyond. The California Wildfire Fund was set read the full article →

Australia bushfire insured losses rise 6% to pass A$2bn

The insurance and reinsurance market loss from claims caused by the bushfires that burnt across Australia in late 2019 into early 2020 has risen another 6% and passed A$2 billion for the first time. While the cost of claims has only risen by 6% since we last reported on the data read the full article →

PG&E gains $23bn financing approval to fund bankruptcy settlement

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has been approved to secure $23 billion of financing to assist in paying its bankruptcy related settlements, which may further accelerate the awaited subrogation payments it owes rights holders. Yesterday the bankruptcy court approved PG&E to secure and read the full article →

ILS funds face challenge to accurately value PG&E settlement: KPMG

Insurance-linked securities (ILS) fund managers, as well as other managers of third-party capitalised reinsurance and retrocesion vehicles, face a particularly significant challenge when it comes to accurately valuing the PG&E wildfire related subrogation settlement in their funds, the actuarial team at KPMG highlighted. As we've covered previously, Californian electrical utility PG&E read the full article →