Posts by Y@DminG

Southern California Edison’s equipment ignited nearly 60% more fires in 2024 than in the previous year, mainly tiny ones that were quickly extinguished, as the utility battled to prevent catastrophe in the months leading up to the Los Angeles wildfires. … Source: Claims Journal

Insurance companies have so far paid out more than $6.9 billion for losses from the biggest two of the Los Angeles-area wildfires that swept through the region and destroyed tens of thousands of homes last month. That’s according to the … Source: Claims Journal

The Federal Emergency Management Agency said it needs to borrow $2 billion from the U.S. Treasury to cover claims from National Flood Insurance Program policyholders. FEMA, administrator of NFIP, said it expects to pay out more than $10 billion in … Source: Claims Journal

The U.S. National Highway Traffic Safety Administration said on Thursday it has opened an engineering analysis into 129,092 U.S. Honda Motor vehicles after receiving reports of camera failure. The engineering analysis focuses on 2017-2019 models of Honda Ridgeline mid-size pickup … Source: Claims Journal

Although Mercury Insurance Group expects gross losses from the 2025 California wildfires in the $1.6 billion-$2.0 billion range, potential subrogation and reinsurance recoveries will drop the ultimate bill down to $325 million or less, the company believes. “We believe there … Source: Claims Journal

Sedgwick named Kuma Siva chief operating officer in Canada. Siva has more than 20 years of experience in the insurance sector. Siva has held the position of vice president for third-party administration services since 2023. Prior to joining Sedgwick, he … Source: Claims Journal

Elon Musk’s social media platform X has agreed to pay about $10 million to settle a lawsuit that U.S. President Donald Trump brought against the company and its former chief executive, the Wall Street Journal reported on Wednesday. Trump’s team … Source: Claims Journal

American International Group reported fourth quarter 2024 net income of $898 million compared to $86 million the prior year, but insurance underwriting income was down 29% on high catastrophe losses. AIG said the dramatic increase in income for the quarter … Source: Claims Journal

An international bank based in Puerto Rico has been sued for fraud over an alleged scheme that attorneys say led to the loss of more than $90 million in deposits, affecting hundreds of clients in the U.S., Venezuela and elsewhere. … Source: Claims Journal

Reflecting intensifying wildfires and updated science, new state maps designate more than 2.3 million acres of local land in California as facing “high” or “very high” danger of wildfires. In the wake of devastating fires in Los Angeles County, the … Source: Claims Journal