As Oklahomans assessed the devastation from wildfires that whipped across the state, damaging or destroying hundreds of homes, officials in both Oklahoma and Texas warned of an increased risk of fire danger in the coming week. “We’re going to be back into a critical area,” Oklahoma Forestry Services spokesperson Keith Merckx said. Wildfires fueled by … Read more
Insurance companies have so far paid out more than $12 billion for losses from the two biggest of the Los Angeles-area wildfires that swept through the region and destroyed tens of thousands of homes in January. California Insurance Commissioner Ricardo Lara on Wednesday announced new figures as part of an update of the public consumer … Read more
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
