Wildfires

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.

Catastrophes significantly increase claim volume and severity, resulting in extended claims cycles and frustrated policyholders.

Consumer Watchdog argues that California's insurance commissioner cannot allow the FAIR Plan homeowners insurance of last resort to pass on half a $1 billion assessment to consumers.

Homeowners who invest in wildfire mitigation measures get no guarantee of breaking even in the form of premium discounts, an insurance attorney points out.

Insurers resort to subrogation when they suspect that a third party is ultimately responsible for the losses. Rather than deal with the recovery risk, insurers have been selling claims on to alternative investment managers.

Insurers had already doled out more than $12 billion to pay for wildfire damages as of early March, according to California state officials.

Artificial intelligence is improving the accuracy of fire forecasts made by Europe's top intergovernmental weather center.

California is emerging from its wettest time of the year with new fire and drought risks.

The measure applies to mortgages closed in the months prior to the Southern California wildfires, which are now experiencing early-stage distress.

Oklahoma's insurance commissioner Glen Mulready complemented insurers for quick action that he personally witnessed on the scene of March 14 wildfires