California Insurance Commissioner Ricardo Lara approved a California FAIR Plan request for a $1 billion assessment on admitted market insurers to cover claims from the Los Angeles wildfires. The FAIR Plan reported it has paid more than $914 million to policyholders, including advance payments, to cover claims related to the Palisades and Eaton fires. As … Read more
Recent estimates suggest that insured losses from the Los Angeles, California wildfires could be higher than anticipated. As a result, catastrophe bond prices are showing signs of weakness, with the market’s benchmark recording its first-ever negative January return since its inception over two decades ago, according to cat bond fund manager Icosa Investments AG.With a … Read more
State Farm General said on Monday it is asking the California Department of Insurance to immediately approve interim rate increases, including 22% average for homeowners. The carrier, the state’s top homeowners insurer, is partly blaming the devastating Los Angeles wildfires for the request. “As of February 1st, State Farm General (Fire only) has received more … Read more
According to independent insurance-linked securities (ILS) investment manager Euler ILS Partners, the Los Angeles, California wildfires could have a significant impact on US pricing, especially if insurance industry losses were to exceed $30 billion.As we’ve been reporting, official reports state that over 17,000 structures have been damaged or destroyed by the wildfires, and the first … Read more
Catastrophe risk modelling specialist Karen Clark & Company (KCC) estimates that the insured loss (from privately insured and FAIR plan policies) to residential, commercial, and industrial properties, and autos from both the Palisades and Eaton wildfires in Los Angeles will sit close to $28 billion.KCC becomes the latest risk modeller to release an initial estimate … Read more
