LA wildfire exposures will likely remain within loss budgets for Europe’s major reinsurers based on preliminary expectations for a ~$20bn industry loss event, according to Berenberg.
The California Fair Plan has access to up to $2.63bn of reinsurance protection through a partially placed tower that tops out at $4.85bn of limit and has an occurrence retention of $900mn, The Insurer can reveal.
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“From a reinsurance perspective, the way the insurance industry looks at it, it probably does complicate things, because when you get into loss definition you'll need to consider how this Palisades event is correlated or concurrent with the Eaton fire and perhaps some others across the state”
Brian Epsie, CUO of wildfire-focused insurtech MGA Kettle
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