Today: February 18, 2025
January 14, 2025
1 min read

Reinsurers will be able to face the Los Angeles fires: Citi

Reinsurers will be able to face the Los Angeles fires: Citi

“I think this will eat into (European reinsurers’) first-quarter natural catastrophe budget,” Shuck told The Insurer on Friday, January 10. “We’re only 10 days into the year so there are probably other things going on, but I don’t see it as a big deal for reinsurers as they’ve reduced coverage for wildfires and people have been worried about these types of situations for quite some time.” “.

In recent years, many reinsurers and insurers have stopped writing new policies in high-risk areas, such as Southern California, due to increasing losses and the difficulty of modeling risk.

According to Shuck, the ongoing fires are likely to cause major rate adjustments, making some areas of Southern California effectively uninsurable for homeowners, increasing the need for reform and federal government intervention.

“I don’t see it as a major development for reinsurance,” Shuck said. “It is another example of climate change and preventive action by insurers to try to get away from losses not modeled in this case. In the first quarter it will consume budgets.”



Source link

Latest Posts

They celebrated "Buenos Aires Coffee Day" with a tour of historic bars - Télam
Cum at clita latine. Tation nominavi quo id. An est possit adipiscing, error tation qualisque vel te.

Categories

Dina Boluarte.
Previous Story

Dina Boluarte: "We are not going to bow our heads to any political harassment"

With proposed cuts, Budget 2025 faces its first test
Next Story

Antioquia celebrates: more than 5,600 winners with the same number in the Medellín Lottery

Latest from Blog

22 years for abusing a six-year-old girl

They stop man for a ten year old girl

A 54 -year -old man was arrested by the authorities after being accused of the alleged harassment against a 10 -year -old girl. The apprehension of the accused was held last Saturday,
Go toTop