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Losses are likely to negatively impact fourth quarter earnings of companies with exposure to the Camp and Woolsey wildfires.
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The California State Compensation Insurance Fund returned to the cat bond market as USAA’s ResRe multi-peril deal raised $200mn.
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PG&E could face $10bn in claims from 2017, with a similar scenario to potentially play out after this year’s fires
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Rock slides and debris flows are expected to accompany a front of bad weather in Northern California.
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The deficit marks an improvement on the prior-year period net loss of $179mn.
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Cal Fire says it expects the wildfire to be contained by the end of the month.
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The devastating impact of the California wildfires this autumn has made for some horrific reading.
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Irma claims have surpassed $11bn, while claims for Hurricane Michael are close to $3bn.
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Michael accounts for more than three-quarters of the losses.
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Lawyers and the state regulator investigate the utilities firms.
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The executive previously led downstream natural resources at the London corporate risk and broking operation.
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The largest wildfire in California history has spread to 138,000 acres.
