Reinsurance broker Gallagher Re has estimated that preliminary total insured catastrophe losses for the first quarter of 2025 reached $56 billion, which makes it the costliest first quarter for the private insurance market and government-sponsored insurance entities since 2011, and 176% higher than the Q1 decadal average of $20 billion (2015–2024).In its Q1 2025 Natural … Read more
State Farm has reported paying out $2.5 billion for the Los Angeles wildfires in January, more than double what the carrier reported paying out weeks earlier. “As of March 28, we’ve received more than 12,300 total claims related to the fires and have paid over $2.5 billion to our customers,” State Farm said in a … Read more
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