California
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery. -
The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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The insurance commissioner said the carrier has not shown the need for price increases.
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More than 33,000 claims had been filed as of 5 February.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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Its post-tax estimate of $1.3bn is net of reinsurance recoveries.
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Underinsurance, total loss claims, and high property values have impacted loss estimates.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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But cat bonds are experiencing negative secondary market price movement.
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In Partnership With Allianz CommericalThe renewable energy sector is a major growth opportunity for the insurance industry but the loss experience has been challenging.
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