California
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The cost of reinstatement was included in $170mn wildfire net loss figure. -
Climate change and other loss impacts were not adequately incorporated, sources said.
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State Farm General has asked California regulators for an emergency rate increase.
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The carrier expects the market loss to land at $35bn-40bn.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
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A higher loss quantum will put a greater burden on retro programmes.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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The fall marks this the first time in 20 years the index has been negative in January.
