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…
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Insured Hurricane Michael losses estimates as high as $8 billion
The devastating storm crashed through 4 states, leaving the most damage behind in Florida. The insured Hurricane Michael losses could be as high as $8 billion, according to Karen Clark & Company. The Boston-based firm is an insurance company that creates catastrophe models. The insured losses estimate includes the privately insured storm surge and wind property damage. The Karen Clark & Company (KCC) insured Hurricane Michael loss estimates included those to residential, commercial and industrial properties as well as vehicles. The estimates include damage from wind and storm surge. That…
Read MoreTotal Hurricane Florence damage estimates now up to 11 figures
The home and business property damage done from the storm’s flooding is notably higher than expected. The estimated Hurricane Florence damage total from the extreme flooding is considerably higher than previously predicted. The water and wind has left damage that is now estimated to be in the 11 figure range. Repairs from the damage that slammed the Carolinas and Virginia will be very costly. North Carolina was hit with the majority of the Hurricane Florence damage. It faced days of downpours. Lawmakers have been meeting this week to discuss the…
Read MoreStorm insurance losses from Hurricane Florence may reach $5 billion
North and South Carolina are still in only the earliest stages of gauging the wind and water damage. Analysts are beginning to attempt to determine what the storm insurance losses from Hurricane Florence will be, even at this early stage. Regions of both North and South Carolina are just getting started in determining the extent of the damage left behind by the massive Atlantic storm. Early estimates may not necessarily reflect final totals, but the industry is trying to get a hold of the numbers. Risk Management Solutions (RMS) has…
Read MoreCanadian tornado insurance industry issues recommendations to victims
Residential areas in Canada’s capital region were struck by a massive twister this weekend. The Canadian tornado insurance industry has issued advice to the region of Ottawa, Ontario and Gatineau, Quebec, which was struck by severe weather over the weekend. The insurance industry is telling affected residents to document absolutely everything during cleanup. Severe weather has already caused nearly $1 billion in insured damage this year in the province of Ontario alone. Now, the country’s capital, Ottawa, and the city across the river from Ottawa, Gatineau, has been hit by…
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