Live Insurance News

Camp Fire lawsuit filed against PG&E

January 4, 2019January 4, 2019 Logan B.

Insurance claims for the record breaking wildfire have now reached billions of dollars. Three major insurance companies have filed a Camp Fire lawsuit against PG&E as a result of the billions of dollars in claims they are expecting. The lawsuit is only the latest major challenge PG&E faces due to the massive Californian wildfire. The insurance companies that have each filed a Camp Fire lawsuit against PG&E include Allstate Insurance Co, State Farm, and USAA. PG&E has already confessed that it was aware of a high voltage transmission tower close…

Bankrupt California insurance company may face state takeover

December 5, 2018December 5, 2018 Marc

Regulators move to take over an insurer unable to pay its wildfire claims following massive destruction. A California insurance company bankrupted by the Camp Fire and other wildfires may be taken over by the state. Regulators have made their first moves toward a takeover after wildfires raged through the state, destroying over 13,000 homes. Merced Property & Casualty Company was unable to keep up with the cost of its policyholder claims. The California insurance company was pushed into insolvency by the wildfire sparked on November 8, 2018. That same fire…