California wildfires set to impact insurers in Q3
The California wildfires could noticeably impact exposed insurers' third quarter 2018 earnings results, according to Keefe, Bruyette & Woods (KBW) analysts.
The California Department of Forestry and Fire Protection (CAL FIRE) reported that the Carr wildfire has burned almost 90,000 acres, destroying an estimated 517 homes and commercial buildings, with another 135 structures damaged. According to the Associated Press, at least 300 homes have been destroyed, and the fire is only 5 percent contained, making increased losses very likely.
The top California underwriters based on their 2017 direct fire exposed lines market shares includes State Farm (11.7%), Farmers Insurance Group of Cos (11.5%), Liberty Mutual (6.2%), Allstate Corp (5.4%) and Auto Club Exchange (5.3%), according to KBW.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
California wildfires set to impact insurers in Q3
AXIS names head of new insurtech unit
ARAG appoints Bristol CII president to key underwriting role
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze