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California’s Oak & McKinney fires destroy nearly 300 structures

Wildfire season in California has continued to escalate with more structures burned and reports of extreme fire behaviour in high temperatures, low humidity and drought conditions, with almost 300 structures now burned by the two largest blazes. The Oak Fire in Mariposa County, California, that we reported on last week, has read the full article →

California Wildfire Fund goes without reinsurance again in 2022

For now a third year in a row, the California Wildfire Fund is going without reinsurance or any form of risk transfer in 2022, as the market pricing on offer still does not meet the Fund’s goal of extending its durability. The California Wildfire Fund continues to keep reinsurance and risk read the full article →

Damage from California’s Oak fire increases, but fire crews making progress

The Oak Fire burning in California's Mariposa County has continued to expand in size, but while the damage has increased over the past day, in terms of property impacts, fire crews have made better progress in bringing the blaze under control. The latest update from the California Department of Forestry and read the full article →

California’s Oak fire threatens thousands of structures

California's wildfire season continues to bring challenges for the state's residents, with the Oak Fire in Mariposa County currently threatening thousands of properties, resulting in evacuations and an emergency declaration. The Oak Fire is burning near Yosemite and the forests in the area are tinder dry, with significant fuel from dead read the full article →

European wildfire risk growing, but hard to adequately price: Chaucer

European wildfire risk is a growing threat to insurance and reinsurance markets, with the amount of land burned jumping some 75% in just one year, but the exposure is hard to adequately price, according to specialist underwriter Chaucer. Underwriting firm Chaucer's warning is timely as countries across Europe have been burning read the full article →

PG&E hopes for $1.25bn of wildfire recoveries for Kincade, Zogg & Dixie fires

Pacific Gas and Electricity (PG&E), the California electrical utility, is still hoping to recover as much as almost $1.25 billion in additional insurance claims from its carriers for its losses and liability related to three wildfire events from recent years. PG&E has now realised almost all of its expected insurance recoveries read the full article →

CATCo reports favourable development on 2017 & 2018 catastrophes

The CATCo Reinsurance Opportunities Fund Ltd., the listed, retrocession focused insurance-linked securities (ILS) fund strategy managed by Markel CATCo Investment Management, has recovered more value for its investors, with favourable development related to 2017 and 2018 catastrophe loss events. Once again, the retrocessional reinsurance investment portfolio constructed by Markel’s CATCo Investment read the full article →

Marshall Fire damaged or destroyed 1,270 properties: Officials

In an update on the impacts of recent severe wildfire activity in Boulder County, Colorado, officials say that 1,270 properties were destroyed or damaged in the Marshall Fire, the majority of which are residential and were completely destroyed. The Boulder County Assessor and other County officials inspected burned areas of the read the full article →

Marshall Fire insurance industry loss estimated around $1bn: KCC

The recent severe wildfire outbreak that was named the Marshall Fire and impacted residential areas in Boulder County, Colorado, has been estimated as around a $1 billion insurance industry loss, by risk modeller Karen Clark & Company. We explained earlier this week that with around 1,000 properties destroyed and more damaged read the full article →

Marshall Fire in Boulder, Colorado destroyed ~1,000 properties

The severe wildfire activity in Boulder County, Colorado is now estimated to have destroyed roughly 1,000 properties, with officials preliminarily citing 991 residential properties as completely destroyed, with another 127 damaged. These are not thought to be the final figures from the late season wildfire outbreak in Colorado last week, that read the full article →