Cat MGA Delos raises $5.3mn in IA Capital-led roundCatastrophe insurance MGA Delos Insurance Solutions, which offers policies on behalf of Canopius, has closed a $5.3mn seed funding round led by IA Capital that will drive further expansion within the California homeowners insurance market.
Reinsurance insurtech Kettle raises $25mn in Series A fundingKettle, a reinsurance start-up focused on the growing risks associated with climate change and initially targeting California wildfire business, has raised $25mn in Series A funding and announced it has been reinsuring homes during the 2021 wildfire season.
PG&E says will recover $569mn from insurers on Dixie fireCalifornia utility PG&E told investors yesterday (1 November) it expects to recover $569mn from its insurers on a potential $1.15bn liability relating to this summer’s Dixie fire in California.
Aon: Insurers must change or alter view of wildfire riskInsurers have been urged to change how and where they write coverage for wildfire-exposed risks with new analysis from Aon and Zesty.ai showing that 65 percent of new homes built in the previous five years were constructed within 10 miles of a recent blaze’s perimeter.
Data-driven advancements in European wildfire risk managementAs greater regulatory and industry attention is paid to the evolving risk landscape, Guy Carpenter’s Dr Jessica Turner explains why a data-driven approach to assessing and managing wildfire risk is beneficial.
KCC releases US wildfire model and warns of potential for $30bn lossKaren Clark & Company has launched its first high-resolution US wildfire model which it said provides a “robust and credible view of the risk”.
California protects 325,000 policyholders with wildfire moratoriumMore than 325,000 residential property insurance policyholders impacted by this year’s devastating wildfires in Northern California have been protected from the threat of non-renewal by their carrier after the state’s insurance commissioner Ricardo Lara issued a moratorium.
Insurer relief as South Lake Tahoe threat from Caldor Fire eases for nowFears that South Lake Tahoe may be scorched by the Caldor Fire have subsided for now although the blaze continues to spread with the wildfire having now destroyed 845 structures with a further 32,000 at threat.
Insurers fear significant losses as Caldor Fire nears Lake TahoeInsurers are bracing for major losses as the Caldor Fire continues to rage with evacuation orders in place around the Lake Tahoe Basin as the blaze threatens homes and businesses near the popular Californian holiday destination.
SoCal Edison approved to buy $1bn of liability coverage and use cat bondsThe California Public Utilities Commission (CPUC) has approved Southern California Edison (SCE) to purchase up to $1bn of liability coverage for third-party wildfire-related claims at a cost of $460mn, with the use of alternative risk transfer instruments allowed.
Dixie Fire nears Susanville as property toll rises to 1,208California’s Dixie Fire has now burned more than 600,000 acres, destroying 1,208 structures, as it moves towards the town of Susanville.
Dixie Fire property toll rises to 1,103California’s Dixie Fire has now burned more than 500,000 acres with total structures destroyed by the blaze reaching 1,103.
Dixie Fire burns more than 1,000 structuresThe number of structures destroyed by the Dixie Fire has risen to 1,027 during the past 24 hours, according to the California Department of Forestry and Fire Protection.
Dixie Fire continues to rage as 873 structures destroyedCalifornia’s Dixie Fire is now among the 20 most destructive in state history with total structures destroyed by the blaze having now risen to 873.
Dixie Fire reignites fears over precarious US wildfire outlook for rest of 2021California’s Dixie Fire spread to become the second largest in state history over the weekend, with conditions across the western US ripe for further wildfire activity in the coming months.
Chaucer study shows major US wildfires up 30% over past 15 yearsA study by Chaucer has shown the number of major US wildfires has risen more than 30 percent over the past 15 years.
AM Best: Weather conditions suggest 2021 wildfire losses may exceed recent yearsAM Best has warned that current weather conditions suggest another heavy year of insured wildfire losses, following eight of the 10 costliest US wildland fires occurring between 2017 and 2020.
WTW study shows ecological forestry measures can reduce wildfire lossesEcological forestry practices such as prescribed burns and the removal of smaller trees and other vegetation in overgrown forests could reduce the cost of homeowners insurance premiums by 41 percent in California, according to a study by Willis Towers Watson and the Nature Conservan
Aon and Zesty.ai extend partnership as California wildfire model approved by regulatorAon has extended its partnership with AI-based insurtech Zesty.ai following regulatory approval of a California wildfire model developed by the two parties.
PG&E proposes self-insurance layer to meet $1bn GL coverage targetFaced by surging insurance costs, PG&E has asked California’s public utilities regulator to allow it to introduce a $250mn self-insurance from 2023 that would help it meet the $1bn in insurance it targets to take part in the state’s wildfire fund, with the utility suggesting the size of this layer could increase over time.