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Large carriers with geographic spread across the continental US will have the capital and reinsurance coverage to absorb losses related to the wildfires, according to AM Best. -
The agency put insured property values in the burn footprint at $2.5bn to $4bn, which marks an uptick compared to Moody’s estimate from last week, when the agency pegged insured losses at around $1bn.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
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Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.
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The loss event was flagged by European carriers in recent Q2 earnings disclosures.
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Swiss Re Capital Markets said there was a ‘strong chance’ of a record-breaking year in size and number of new bonds.
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"Finally we feel things are moving forward," says West Kelowna fire chief Jason Brolund.
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Data from the NHC shows that maximum sustained winds are near 65mph, with higher gusts.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.
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The Cat-4 storm is likely to weaken as it approaches the California coast.
