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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Lloyd’s insurance claims see rapid response and payments following storms

Lloyd’s insurance claims - Home office building

The massive marketplace has reported quick customer service for customers affected by Harvey, Irma and Maria. Hurricanes Harvey, Irma and Maria left catastrophe and devastation behind, and Lloyd’s insurance claims are being rapidly processed, says the market. The company says it is responding quickly and has even made some advance payments. The storms left behind an estimated $738 million in insured damages to properties and possessions. “It is heartening to see the Lloyd’s market swing into action in this way,” said Inga Beal, the market’s chief executive, when addressing the…

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Evacuation cost claims expected from homeowners insurance companies

helicopter wildfire evacuation cost

Wildfire victims are being reminded that even if their homes aren’t damaged, they may still have coverage. The thousands of California wildfire victims who have been evacuated from Sonoma, Butte and Napa, may be able to make an evacuation cost claim with their insurers. Those carrying homeowners or renters insurance policies may be able to make claims to help with the expenses. Even in cases when properties haven’t been damaged, many renters and homeowners insurance policies cover some or all of the evacuation cost they face when ordered to leave…

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Cost of hurricanes to insurance industry will break $100 billion, JPMorgan

cost of hurricanes to insurance

Insurers face massive bills from the three hurricane-level storms that made U.S. landfall, even before Nate. Though it’s too early to know the insured damage total of Hurricane Nate, the cost of hurricanes to insurance industry coverage providers in the United States will already reach $100 billion, says JPMorgan. This prediction aligns with other industry players, such as Fitch Ratings. The catastrophe left behind by Harvey, Irma and Maria will be a hard hit to insurance company earnings. At the same time, it’s likely that the cost of hurricanes to…

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California wildfire damage threatens homes, wine country and lives

California wildfire damage

Mandatory evacuations were ordered over the weekend to protect residents whose properties are at risk. Firefighters continue to battle Northern California wildfire damage as the blazes continue to be stoked by local winds. Evacuation orders were issued to residents in the wine country area as the fires continue to blast their way across the region. Despite the best efforts of local officials, at least 10 people have already been reported as killed by the fires. Twenty thousand people are now headed away to seek shelter. At first, hundreds of the…

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Interest in California earthquake insurance rises following Mexican tremors

Los Angeles California Earthquake Insurance

The devastation in Mexico City, among other parts of the country, was eye opening to many Californians. California earthquake insurance still isn’t all that popular, but the Mexican quakes have generated a marked increase in interest. Only the minority of people in the state carry earthquake insurance policies due to the high premiums. The last major tremor that affected Los Angeles was 23 years ago. At that time, a 6.7 magnitude quake struck Northridge, killing 57 people, injuring hundreds and causing an estimated $44 billion in property damage. Since that…

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2017 catastrophes will send global insurance and reinsurance losses over $100 billion

hurricane harvey damage global insurance and reinsurance

Fitch forecasts showed that this could be a record year for losses and they could be as great as $190 billion. Catastrophe global insurance and reinsurance losses are likely to break previous records, says Fitch Ratings. Its current predictions suggest that losses could be greater than $100 billion and may even rise to nearly $190 billion. Should the damage from Hurricane Maria be as great as expected, it could lead to rating downgrades. Fitch cautioned that the hurricane season is only just past half over and global insurance and reinsurance…

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National Preparedness Month underway amidst hurricanes, wildfires and earthquakes

National Preparedness Month - Emergency Response

Community leaders, scientists and the insurance industry are hoping people will inform themselves about being prepared. National Preparedness Month is more than halfway through and it feels as though Mother Nature is reminding us of its importance. Traditionally, the insurance industry, scientists and community leaders try to convince people of the importance of being prepared. This year, the news headlines of regularly occurring natural disasters seems to be doing the job. The entire point to National Preparedness Month is to learn about the types of emergencies that could happen within…

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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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Insurance workforce required to maintain on-call status throughout extreme weather

insurance workforce natural disaster wind damage

Teams of employees in the industry find themselves in on-demand positions with hurricanes, storms, and wildfires. Throughout this active season of hurricanes, heavy storms, wildfires and earthquakes, the insurance workforce has been maintaining a steady on-call status. Historic flooding, rainfall, winds and tremors have left billions upon billions of dollars in property damaged or annihilated. Homes, businesses, vehicles, equipment and products have been destroyed by active extreme weather. Hurricane Harvey, Hurricane Irma, the and the wildfires across the American west have left devastation behind, as Mexico experienced an earthquake more…

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