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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California wildfire loss totals grow among insurance companies

forest fire California wildfire loss

Nationwide has already revealed that it expects to face a loss greater than $1.3 billion from the state’s fires. Nationwide Insurance has announced that it predicts its California wildfire loss will be more than $1.3 billion. Blazes ripped through the state in October and another sparked near Los Angeles, forcing evacuations in Ventura County as the fires reach the Pacific Ocean. The Tubbs wildfire alone generated a loss of what is expected to be about $1.2 billion, with other fires adding. That California wildfire loss only grew with the Atlas…

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California wildfire victims worried that they can’t afford to go home

california wildfire victims angry frustrated

As the holidays approach, evacuees whose homes were burned are left with little more than uncertainty. Santa Rosa, California wildfire victims are facing a very uncertain future in the aftermath of the blaze. Evacuees whose homes are gone may not be able to afford to return to the same place they used to live. Rents have skyrocketed, with reports of apartments as expensive as $13,000 per month in Santa Rosa. Now, renters and homeowners alike are finding themselves to be common California wildfire victims who don’t know where they will…

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SmarterSafer coalition calls for U.S. flood insurance reform, facing December deadline

Flood Insurance Extension - Flooding

Recent efforts to overhaul NFIP has reached a struggling point, but one business group wants to push ahead. The latest shot at American flood insurance reform has come across a serious obstacle in its attempts to move ahead. However, a business and environmental groups coalition has strengthened its call for an overhaul to the National Flood Insurance Program (NFIP). They’re pushing for lawmakers to make much needed changes to the program before its December expiry. The flood insurance reforms need to be made before December 8, 2017 if they are…

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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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John Oliver describes Flood Insurance Program failures via talking seagull

John Oliver Last Week Tonight Flood Insurance Program

As hurricanes and flooding becomes increasingly problematic Oliver brought NFIP into the spotlight. The most recent episode of HBO’s Last Week Tonight with John Oliver focused on the National Flood Insurance Program (NFIP), and its current widespread failings. This episode arrived at a time in which the issue is exceptionally relevant but isn’t necessarily in the public’s eye. NFIP is struggling from all sides and is in dire need of reform at the same time that floods plague the country. “Floods were everywhere this summer,” explained Oliver. Although they may…

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Munich Re profits likely to suffer as a result of 2017 hurricanes

Munich Re profits - Thunderstorm Rolling in

Harvey, Irma and Maria will take their tolls on the insurance and reinsurance giant. One of the largest insurers in the world has stated that hurricanes would cause it to suffer a loss as Munich Re profits prove inadequate. The company said its 2017 third quarter would record a loss as a result of Hurricanes Harvey, Irma and Maria. The insurer predicts that the hurricanes would cost $3.1 billion in its covered insured damages. These damages occurred in the United States and the Caribbean and the size of the losses…

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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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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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