Wildfire
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The NZ Super Fund is reviewing its portfolio in line with a revised climate strategy.
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The 2020 figure tops the 1.96 million-acre high of 2018, when fires cost the industry around $18bn. -
The fire is threatening 22,310 acres and has destroyed or damaged key wineries in Napa Valley.
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Structures damaged or destroyed include the Meadowood Napa Valley resort and Medieval-style winery Castello di Amorosa.
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The Glass Fire has destroyed the Chateau Boswell winery to the north of St Helena, California, CNN reported.
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All three fires are prompting evacuation orders in Napa and Sonoma counties.
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Total insured losses are well up on 2019, but the severity of individual blazes is not likely to impact reinsurers extensively.
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The utility will draw down $843mn of its own insurance to help meet settlement costs related to the Thomas and Koenigstein fires, and the 2018 Montecito mudslides.
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The vendor said about $3bn-$5bn of the loss total would come from Northern California, while between $1bn-$3bn would stem from Washington and Oregon.
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The ratings agency says 2020 is already the third-highest year for California wildfire insured losses.
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Meanwhile, in neighboring California, the largest wildfire, the August Complex, has burnt 755,603 acres of land.
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The US National Weather Service issued a critical fire weather warning for parts of Idaho, Montana, California, Nevada and Oregon on Monday.
