Wildfire
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The fire has burned through more than 215,400 acres and spread across the counties of El Dorado and Amador. -
Casinos and ski resorts have shut down, and hotels are housing firefighters in usually buzzing holiday destinations near South Lake Tahoe, California.
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The Caldor Fire, which is 18% contained, has been active for 17 days and in that time destroyed 675 structures and damaged 40.
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It has just one class of notes which will trigger on an indemnity, per occurrence basis against any wildfire in the state of California.
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So far, damage costs caused by the California fire are thought to be below $1bn.
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Winds and high temperatures point to potential further growth of the blaze.
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Citing this summer’s heat waves and the drought across the West, AM Best warns that insured wildfire loss totals may climb higher than 2020’s $1.2 bn.
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In the later stages of its liquidation, the manager’s listed fund has made an 8% uplift in May on fire releases.
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The California Insurance Working Group suggested the policy to cover areas with high wildfire risk.
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Policyholders have filed some 730 claims after fires hit hills outside the western city.
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Event definitions were also tightened at renewals, the broker said.
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Insurers already face A$40mn in claims, a level set to rise and potentially affect reinsurance.
