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The fire started Wednesday morning and is currently 0% contained. -
Most carriers paid more in homeowners’ claims than they collected in premiums.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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The carrier is the largest writer of homeowners’ multi-peril in the state.
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The move comes ahead of a planned sale of Wefox’s insurance business.
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High-net-worth binders and treaty exposures will bring significant claims to Lloyd’s writers.
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Investigators are homing in on the likely causes of the incidents.
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Sources say 2025 could be as costly for wildfires as the $20bn-loss years of 2017-18.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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He succeeds Wayne Peacock, who retires this year after four years of service.
