Recent California wildfire losses up to $13bn: RMS

Recent California wildfire losses up to $13bn: RMS

Recent California wildfire losses up to $13bn: RMS

RMS estimates that insured losses for the Camp and Woolsey wildfires in California will total between $9bn and $13bn. The cat modelling firm places losses for the Camp fires between $7.5bn and $10bn, with Woolsey costing between $1.5bn and $3bn. The estimates include property and auto damage, business interruption, additional living expenses and contents loss. RMS said this season sees…

Cat bond could be exhausted by Californian wildfire

Cat bond could be exhausted by Californian wildfire

Cat bond could be exhausted by Californian wildfire

The Californian utility Pacific Gas & Electric Co (PG&E) has warned investors that it could be held liable for starting the Camp wildfire that is still burning in northern California, and conceded that if its equipment is determined to be the cause it could be subject to significant liability in excess of its insurance coverage. PG&E renewed its liability insurance…

Financial protection for denial of access after social unrest from Marsh

Financial protection for denial of access after social unrest from Marsh

Financial protection for denial of access after social unrest from Marsh

In response to a growing problem of denial of access after social unrest, causing business interruption losses, Marsh has launched a new standalone insurance solution that provides financial protection to global businesses following any denial of access to their properties as a result of social unrest. Marsh said that as the number of events, including strikes, riots, civil commotion and…

RMS confirms Hurricane Michael losses of up to $10bn

RMS confirms Hurricane Michael losses of up to $10bn

RMS confirms Hurricane Michael losses of up to $10bn

RMS has placed insured loss figures for Hurricane Michael between $6.8bn and $10bn, in line with estimates from other catastrophe modelling firms. RMS’s figures includes wind and storm surge damage, as well as losses to the US’s National Flood Insurance Program (NFIP). Wind damage is expected to range between $6.4bn and $8.7bn, with surge loss between $400,000 and £1.3bn. The…

RMS says Florence claims could reach $5bn with 70% of flood loss uninsured

RMS says Florence claims could reach $5bn with 70% of flood loss uninsured

RMS says Florence claims could reach $5bn with 70% of flood loss uninsured

Risk modeller RMS has estimated insured losses from Hurricane Florence of between $2.8bn and $5bn, including losses to the National Flood Insurance Program (NFIP), property damage and business interruption caused by wind and flood across North Carolina, South Carolina and Virginia. RMS said wind damage will cost insurers between $1.3bn and $2.6bn, surge and inland floods between $700m and $1.2bn,…

Swiss Re insured company operating collapsed Italian bridge

Swiss Re insured company operating collapsed Italian bridge

Swiss Re insured company operating collapsed Italian bridge

Swiss Re Corporate Solutions is one of the main insurers of Italian firm Autostrade per l’Italia, which operated the bridge that collapsed in Genoa last week, the reinsurer said in a statement. The firm declined to give any details on the insurance contract. “We are already working with and will continue supporting our client in managing the impact of this…

China braces for deadly typhoon as Japan counts human and economic cost

China braces for deadly typhoon as Japan counts human and economic cost

China braces for deadly typhoon as Japan counts human and economic cost

China is bracing itself for the impact of Typhoon Maria, which has already led to the deadliest flood disaster in Japan since 1983, caused huge disruption and will lead to heavy insured losses, not least business interruption. The typhoon skirted past Taiwan and caused much lower damage than originally expected. But it continued northwest toward the eastern coast of China, making…

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