RMS
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No damage has been reported to the city’s nuclear power plant.
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California blazes including the Glass Fire have driven up the estimate considerably since September. -
The carrier’s annual catastrophe losses ticked up to $2.9bn in October.
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The modelling firm anticipates up to $500mn of additional claims from offshore platforms, oil rigs and pipelines in the Gulf of Mexico.
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The 2020 figure tops the 1.96 million-acre high of 2018, when fires cost the industry around $18bn.
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Total insured losses are well up on 2019, but the severity of individual blazes is not likely to impact reinsurers extensively.
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Uncertainty remains over energy sector and Covid-19 impact on loss adjusting and rebuilding.
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Among other roles, the industry veteran will advise agriculture insurance start-up Agritask.
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The modelling agency noted that an easing of the restrictions would reduce this percentage.
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Modelling firms said there were too many variables to quantify the impact, but many factors could escalate claims.
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Michael Steel will be based in the RMS London office and report directly to CEO Karen White.
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Ciara and Dennis could be the most significant European windstorm losses since 2018.
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