California

The Insurance Institute for Business & Home Safety announced standards that can demonstrably lower a home’s risk of wildfire damage.

More than 14.5 million single and multi-family homes were affected by natural disaster events last year. There was an estimated $56.92 billion in property damage.

The U.S. utilities sector could suffer annual losses of up to $4.1 billion as climate hazards threaten to batter the industry’s infrastructure, according to a new report.

Consumers getting policies from the California FAIR Plan climbed about 25% in 2020, according to data from the state’s insurance department. That was due to increases in both new policies and renewed ones.

The impending loss and federal probe are the latest blows for embattled PG&E. The company incurred a $1.09 billion third-quarter loss because of bankruptcy costs, state-mandated contributions to a wildfire-insurance fund, prior fire-season damages and other costs, according to a statement.

Sempra’s Southern California Gas Co. utility said it reached a $1.8 billion settlement for individual claims for the 2015 leak at the Aliso Canyon storage facility near Los Angeles, according to a statement Monday. The company reached separate agreements to settle property and business claims for about $40 million.

As many as 2.4 million homes are at risk of losing protection in 2021 as year-long grace periods expire – though new disasters may extend their shields. In all, 18% of the state’s households could effectively lose protection, the largest single group since the moratorium law took effect three years ago.

Several companies are using artificial intelligence and data analytics to better map properties for coverage in potential high-risk wildfire areas.

California and others have passed consumer privacy laws, and lawmakers in Congress are beginning to address the issue. Here's an overview of the players and the proposals.