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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Hurricane Irma insurance losses may be far lower than first predicted

hurricane irma insurance losses

Initial forecasts plotted a far more destructive path for the storm than was actually the case. Following predictions of apocalyptic Hurricane Irma insurance losses, it appears as though the storm may be costly, but nowhere near the worst case scenario. It’s still far too early for specific totals, but recent figures suggest they may be as low as $10 billion. Randy Binner, an insurance analyst, explained that while initial projections for Hurricane Irma insurance losses were as high as $100 billion, this has now been reduced to between $10 billion…

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Insurance companies may pay out over $2 billion from U.S. weather damages

federal flood insurance program stop

The United States has been facing some extreme weather and the last 10 days of December led to significant losses. The extreme weather seen throughout many parts of the United States last month, particularly during the last ten days, has led to some significant losses for insurance companies, with estimates suggesting that payouts could top $2 billion. This estimate was made by Aon Benfield, the reinsurance broker, which recently announced its predictions. The flooding, tornadoes, hail, snow and winds throughout the last ten days of December led to the deaths…

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Insurance losses could be as high as $70 billion in the US from one peril

auto insurance losses power grid electricity blackout electric car

According to a report from Lloyds, if the power grid in the United States were to be attacked the cost would be massive. Lloyds of London has now released a new report that has shown that if the Northeast U.S. power grid were to fall victim to a cyber attack, the insurance losses would be tremendous and far-reaching. The economic losses that would occur from such an event could actually reach a trillion dollars. Beyond financial disruptions, there would also be issues with water supply and transportation. The insurance losses…

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Earthquake insurance losses from Napa Valley could break the $1 billion mark

San Andreas Fault Line California earthquake insurance

The stunning wine region of California was, however, saved from extreme levels of damage from the quake. The quake that shook California’s prestigious Napa Valley region at a magnitude of 6.0, just over a week ago, is now estimated to have caused damages covered by earthquake insurance that could reach up to $1 billion. The damage in the region was centered in the actual Napa city, which essentially spared the nearby wineries. In fact, the majority of the wineries and vineyards were able to continue to operate as usual despite…

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