California’s $21 billion wildfire fund may shield Edison International’s balance sheet if equipment owned by the company’s electric utility is found to have caused a deadly Los Angeles fire last month, Edison’s CEO said on Thursday. Southern California Edison, one …
Germany’s Munich Re expects about 1.2 billion euros ($1.26 billion) in claims resulting from the Los Angeles wildfires, it said on Wednesday, representing the biggest loss reported so far by a single European reinsurer for the January catastrophe. The wildfires …
As consumer complaints have apparently mounted over unpaid hurricane losses, Florida’s top insurance regulator and some lawmakers are signaling new scrutiny on insurance carriers’ claims-handling and other practices. Florida Insurance Commissioner Michael Yaworsky late last week posted a memo, demanding …
Zurich Insurance Group AG is expecting pretax losses of $200 million from the January California wildfires as the insurer reported a 5% gain in profit for 2024. Group operating profit rose to $7.75 billion in the year, the company said …
Billionaire Joe Gebbia, the co-founder of Airbnb Inc. and a board member of Elon Musk’s Tesla Inc., plans to donate $15 million of factory-built dwellings to victims of the Los Angeles wildfires. The pre-fabricated houses — made by Gebbia’s startup, …
Claims handling continues to be one of the biggest sticking points in the insurance process, a new report shows. Complaints about the claims handling process appear to be on the rise. In 2024, nearly half of Americans who filed a …
Farmers said on Wednesday that it expects losses from the Los Angeles wildfires last month to reach an estimated $600 million. Insurance companies have so far paid out more than $6.9 billion for losses from the biggest two of the …
Auto and property insurance shopping experienced 20% year-over-year increases in the fourth quarter of 2024, a new report shows. TransUnion’s quarterly insurance trend and perspective report also shows profitability for auto and homeowners insurers was uneven. Property insurers are struggling …
Insurance companies have so far paid out more than $6.9 billion for losses from the biggest two of the Los Angeles-area wildfires that swept through the region and destroyed tens of thousands of homes last month. That’s according to the …
Although Mercury Insurance Group expects gross losses from the 2025 California wildfires in the $1.6 billion-$2.0 billion range, potential subrogation and reinsurance recoveries will drop the ultimate bill down to $325 million or less, the company believes. “We believe there …