Using Cal Fire to determine how you should be managing your home’s wildfire risk? While Cal Fire is a good resource, the truth is your insurance company could be using a much stricter standard. If you were cancelled and are trying to purchase your next homeowner’s insurance policy, then it’s important to know what to … Read more
With wildfires becoming a more recurring peril for the California property insurance market, alternative capital may be available to provide coverage, including through multiple-peril alternative reinsurance capital instruments, however “pricing is likely to remain a sticking point” according to analysts at Morningstar DBRS.In a new report, Morningstar DBRS has revealed that the on-going wildfires in … 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
As firefighters gain more control over what have become the most destructive wildfires in U.S. history in a matter of days, the scale of the destruction and losses is becoming clearer. Despite the cacophony of a world stage that includes two wars and political turmoil abroad, and a change of U.S. leadership in days, the … Read more
California’s Department of Insurance last week posted long-awaited rules that remove obstacles to profitably underwriting coverage in the wildfire-prone state. Among other things, the new rules eliminate outdated restrictions on use of catastrophe models in setting premium rates. The measure also extends language related to catastrophe modeling to “nature-based flood risk reduction.” In the original … Read more
