30 July 2018Insurance

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.

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More on this story

Insurance
31 July 2018   The Carr fire in California which burned nearly 100,000 acres is now among the top 10 most destructive fires on record in California, according to an Aon Cat Alert.
Insurance
30 July 2018   California's deadliest current wildfire is getting larger, officials warn, despite thousands of firefighters battling it, in what is described as the worst start to the fire season in 10 years, according to a July 30 BBC News report.