Wildfire

The California governor had opposed the package as he was concerned the company was taking on too much debt.

The fund helps compensate victims for losses from fires started by the utilities’ equipment.

The insurer lifted the attachment on an aggregate portion of its group reinsurance treaty, which was otherwise unchanged after its restructure for 2019.

Overall losses during the bushfire season total a record A$1.9bn.

The storms will compound wildfire losses and put reinsurers on Suncorp's aggregate covers on watch.

Quota share and aggregate-property cat contracts are under watch as a result of the recent Australian bushfires but occurrence covers will probably remain mostly unscathed, sources expect.

The exposure to this transaction across private ILS strategies varies from 1.7 percent to 1.9 percent of November's portfolio, the manager said.

Claims from the catastrophe have increased to 13,750 up from 10,550 at the end of last week, the ICA told local media

As more claims emerge from the December-January fires, aggregate reinsurance contracts will be exposed to rising losses.

Natural hazard losses have put the carrier’s aggregate reinsurance covers closer to triggering.

The bushfires have drawn attention to extended hours clauses that allow insurers to group together claims as a single event.

More claims are expected to be lodged in coming days and weeks.