Wildfire
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The 2018 event cost insurers A$798mn, but storms and bushfires over the past month are not yet costly enough to be tracked by the agency. -
A bankruptcy court judge approved the utility's planned settlements with insurers and victims yesterday.
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The biggest risks still stem from natural catastrophes, finance and geopolitical issues.
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California Governor Gavin Newsom told PG&E on Friday that the current deal fails to comply with state law.
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In its latest update at 07:00 London time, New South Wales Rural Fire Service said there were two fires with an emergency warning.
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The settlements must be approved by California’s governor as well as court judges to enable the utility to exit.
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Approval of the settlement agreement puts PG&E on a path to emerge from Chapter 11 by 30 June, which is the deadline to participate in California’s wildfire fund.
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An estimated 683 homes have now been burned as a result of the blazes.
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The settlement with individual wildfire victims will ease the way for the payout of $11bn in insurance subrogation claims.
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The Insurance Council of Australia has tracked A$110mn ($75mn) of bushfire losses as it declared the Sunshine Coast hailstorm a catastrophe.
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The deal covered damage from the 2017 Thomas and Koenigstein fires and the 2018 Woolsey Fire.
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The Insurance Council of Australia anticipates many more claims in the coming weeks.
