Natural disasters

Insured losses from natural catastrophes could soar to $145 billion this year as population growth, urban sprawl and climate change combine to supercharge risks, according to a report by Swiss Re Institute.

The global insurance protection gap was last estimated at $1.8 trillion, according to SAS.

Wall Street brokers have started selling insurers' claims tied to Los Angeles' deadly wildfires, which may trigger a payout from the utilities blamed for the destruction, according to people familiar with the matter.

Fremont, a Bay Area city of 226,000, in September became the first municipality in the nation to buy its own citywide flood insurance policy.

First came a dry spell that parched the land, then a spark, followed by some wind. Suddenly, swaths of South Carolina were consumed by voracious flames.

The governor aims to secure federal funding with latest executive order in aftermath of Los Angeles fires.

Many homes that burned in the Eaton Fire lay outside the boundaries of state- or local-designated "very high" fire hazard severity zones, Bloomberg Green found after analyzing inspection reports by the California Department of Forestry and Fire Protection, or Cal Fire, for more than 20,000 residential properties in areas affected by the recent wildfires.

California's insurance commission plans to impose a $1 billion assessment on private insurers to shore up the FAIR Plan.

A bill would allow homeowners to receive the interest accrued on insurance payments for lost or damaged property, rather than lenders.

Travelers Cos. said it expects about $1.7 billion of pretax losses from the wildfires that devastated Los Angeles last month.