California
-
Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss. -
Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
-
The total includes fire and smoke damage plus living expenses for evacuees.
-
The fire started Wednesday morning and is currently 0% contained.
-
Most carriers paid more in homeowners’ claims than they collected in premiums.
-
Two 2021 worldwide aggregate ILW notes are also among the markdowns.
-
The carrier can claim separately for the Palisades and Eaton fires if necessary.
-
The carrier has received more than 3,600 claims from LA wildfires.
-
There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
-
The bond is likely replacing the 2021-1 Class F bond, which matured in December.
-
The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
-
This will be the most expensive fire in the state’s history, it said.
