Wildfire
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AM Best said it expects insured losses from the California wildfires to be “significant”. -
Plenum said impact is marginal because wildfire contributes only marginally to the risk of bonds.
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Moody’s also expects losses in the billions of dollars.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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Six fires now cover more than 27,000 acres across Southern California.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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The fast-moving blazes have prompted evacuations across the city.
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More than 4,000 acres are burning as thousands evacuate.
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Homeowners’ insurance rates have spiked almost 60% since 2018.
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The regulations are part of a state effort to expand wildfire coverage.
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The bond will provide multi-peril coverage in the US and District of Columbia.
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The bond is split into three tranches of notes.
