Mercury General Corporation, one insurance company with meaningful exposure to claims from the Los Angeles, California wildfires, has said today that it has not yet determined whether it will consider the fires as two separate events under its reinsurance arrangements.Previously, Mercury had explained that it expected the California wildfires would result in losses for the … Read more
Insurer Mercury General Corporation has said that it expects the ongoing wildfires in Los Angeles, California will result in losses for the company that will exceed its reinsurance retention of $150 million.It will be some time until Mercury has an estimate for its ultimate losses from the ongoing wildfire event, the company said today. But, … Read more
Overnight, more details on the scale of the devastation caused by the wildfires burning in the Los Angeles region of California have emerged, with officials saying 10,000 structures have been destroyed across the two main fires, while estimates of losses continue to rise.Wildfires are still burning and containment percentages remains very low for the main … Read more
Editor’s note: This story has been updated with new AccuWeather total loss estimates. With aerial firefighting returning as strong Southern California winds died down for a bit, damage assessments from a handful of destructive Los Angeles area blazes are sure to become clearer—likely pushing up billion-dollar-plus insured loss estimates put forth from fires that are … Read more
Ransomware criminals in 2024 stooped to new lows and high-level black hat trade craft. Targets included critical industries such as healthcare, public infrastructure, and the cloud. Notable was the rise of ransomware-as-a-service (RaaS), allowing a new class of rookie attackers to perpetrate devastating campaigns. Meanwhile nation-state actors transformed ransomware into a tool for geopolitical weapon. … Read more
