Mercury General has said it expects a full $150mn retention loss on its property catastrophe reinsurance protection from the ongoing California wildfires, as it noted the program carries $1.29bn in limit in excess of the retention.
Insurance industry leaders are commenting on social media about the policy, risk management and insurance market implications of the ongoing California wildfires, expressing support for victims while arguing that the fires are raising awareness around extreme weather.
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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
Southern California Wildfires
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