Northern California wildfires break $9 billion in insurance claims

fire fighter northern california wildfires

The fires that torched their way through the state’s wine country in October have broken fire records. The Northern California wildfires from October have already generated an incredible $9 billion in insurance claims. This has easily left the previous wildfire insurance claim records well behind. The October blaze is now the most expensive single fire in the history of the United States. California Insurance Commissioner Dave Jones does not think that total will rise much further for those Northern California wildfires. The $9 billion figure represents the total insurance claims…

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Paramedic insurance coverage is broadening its importance in the United States

Business paramedic insurance

Experts predict that this type of policy will becoming increasingly necessary, particularly for disaster scenarios. Paramedic insurance coverage is a growing industry and experts predict that this growth will only continue to head upward. This includes in cases of U.S. disasters. In fact, the extreme weather events have been among the driving forces in insurance policies for paramedics. The many different extreme weather events and natural disasters in the United States this year have led to a rising interest in paramedic insurance. That type of coverage has already seen growth…

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California cannabis business insurance is now more widely available

cannabis business insurance marijuana

Businesses working within the legal marijuana industry now have options for covering potential losses. The medical marijuana industry in California has struggled with a significant stigma and, until recently, cannabis business insurance opportunities have been few and far between. That said, coverage is now opening up for these companies who want to protect themselves against losses relating to their facilities, products, or other business related perils. This week, the California Insurance Commissioner, Dave Jones, released a statement to this extent. Jones explained that the California has approved the first cannabis…

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Allianz reveals self insurance products blockchain prototype

Allianz blockchain self insurance products prototype

The global insurer has unveiled a new type of prototype designed for up and coming forms of coverage. Allianz has unveiled a brand new type of blockchain prototype which has been designed for self insurance products. It was first announced yesterday and reflects a new form of insuring customers that many predict will be a defining way for the industry to move ahead. The prototype makes it possible for a company to create a self insurance or captive type of policy. Using this form of blockchain prototype, Allianz can equip…

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Sexual harassment insurance becomes serious business concern following headlines

sexual harassment insurance #metoo

As many of Hollywood’s most powerful players see a large and growing list of allegations, companies seek coverage. Following the massive headlines made by allegations against Harvey Weinstein, sexual harassment insurance has become a serious topic among businesses. A growing number businesses are seeking to cover their executives as the Hollywood producer and a large number of others in power are accused of sexual harassment and assault. This insurance coverage trend has been growing steadily in recent years but has seen a sudden spike due to headlines. A number of…

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California wildfire insurance losses have reached $3.3 billion and continue to rise

california wildfire insurance

A new report from the state Department of Insurance released figures based on claims reported by 15 insurers. The losses faced by California wildfire insurance companies continue to rise as the figure has now broken the $3.3 billion mark. That number was revealed by the California Department of Insurance and is based on the claims data reported by 15 insurers in the state. That figure only represents the current losses faced by the insurers but the total for the year will only get higher. That data is based on California…

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California Department of Insurance estimates suggest $1.05 billion in wildfire damage

forest fire California wildfire loss

Official estimates indicate that the devastating wildfires that plague the state will create billion dollar losses. The California Department of Insurance has released an estimate for the damages left behind by the catastrophic wildfires that have left historic damages in the state. The department believes the insured wildfires losses will reach at least $1.05 billion. This estimate is based on the claims received so far from the eight largest Californian insurance companies. Following that estimate, the California Department of Insurance also revealed that it expects the figure to grow. By…

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Climate change and severe weather could increase insurance rates for everyone

climate change extreme weather drought storms

Even homeowners who don’t reside in areas struck by recent hurricanes could feel the pinch. Homeowners across America wouldn’t likely be surprised to hear that climate change and the severe weather coming with it could raise insurance rates in areas like Florida and Texas. That said, just because an area wasn’t struck by Harvey or Irma, it doesn’t mean rates won’t rise there, too. Motorists and homeowners throughout many U.S. states will likely watch premiums rise over the next while. Insurance companies are being increasingly affected by climate change. Severe…

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Mar-A-Lago carries NFIP flood insurance protection

Mar-a-Lago NFIP

At the same time that the federal program faces an uncertain future, the president’s Florida estate is covered by it. Mar-A-Lago, Donald Trump’s Palm Beach, Florida estate and club, has a flood insurance policy through NFIP. The National Flood Insurance Program is the controversial program selling coverage to policies traditionally refused by private insurers due to high risk. The Mar-A-Lago mansion and other buildings were shuttered and empty following a mandatory evacuation order. Should President Donald Trump’s estate have suffered flood damage from Hurricane Irma, it is covered by NFIP.…

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Rising extreme weather risk places property insurance in uncomfortable position

extreme weather risks trend insurance industry

An increase in severe storms, flooding, wind, wildfires and other disasters are driving claims skyward. Flooding and wildfires are making massive headlines this summer and this extreme weather risk is placing considerable pressure on the property insurance industry. These types of disaster are spiking the number and cost of business and homeowners insurance claims. In fact, the extreme weather risk may have a greater economic toll on the insurance industry than any other industry in the world. Though insurers have been increasingly aware of the threat of climate change with…

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