January 18, 2019
Argo Group International Holdings, Ltd., the Bermuda-based re/insurer, announced a preliminary pre-tax catastrophe loss estimate of $32 million for the fourth quarter of 2018, primarily related to Hurricane Michael and the California wildfires. Additionally, the company’s fourth quarter 2018 results …
January 17, 2019
The failure to tackle climate change and extreme weather events are the most threatening global risks this year, according to the World Economic Forum. Inability to mitigate or adapt to climate change leapfrogged several places on the list as the …
January 16, 2019
Insured loss estimates from major natural catastrophes in 2018 totaled roughly $71.5 billion, the highest since 2011’s annual market losses of $120 billion, according to Willis Re. However, the insured losses in 2018 are slightly less than half of those …
January 15, 2019
PG&E Corp.’s chances of emerging from bankruptcy proceedings hinge in part on an arcane California legal rule that threatens to keep the utility owner perpetually on the hook for liabilities from catastrophic wildfires even beyond the more than $30 billion …
January 15, 2019
Swiss Re estimates it will pay claims of approximately $1.0 billion for natural catastrophes booked in the fourth quarter of 2018, with the largest generated from California wildfires and Hurricane Michael. These natural disaster claims will mainly affect its Reinsurance …
January 14, 2019
The threat of catastrophic wildfires has driven a California town to launch a “Goat Fund Me” campaign to bring herds of goats to city-owned land to help clear brush. Nevada City in the Sierra Nevada began the online crowdsourcing campaign …
January 14, 2019
PG&E Corp. said it will file for bankruptcy in California after the cost of wildfires left it with potential liabilities of $30 billion or more, gutting its share price and prompting the departure of its chief executive officer. The San …
January 11, 2019
President Donald Trump threatened this week to withhold money to help California cope with wildfires after Gov. Gavin Newsom asked him to double the federal investment in forest management. Trump again suggested poor forest management is to blame for California’s …
January 11, 2019
Arch Capital Group Ltd. reported an estimated range of fourth quarter pre-tax losses of $110 million to $130 million from global natural catastrophes, including Hurricane Michael and California wildfires. These estimates are net of reinsurance recoveries and reinstatement premiums, said …
January 10, 2019
A U.S. judge has proposed restricting utility PG&E Corp from using power lines deemed to be unsafe during high winds in the 2019 California fire season, adding another complication for the California utility as it faces billions of dollars in …