The Los Angeles wildfires could consume more than 30% of the aggregate natural catastrophe budgets set for 2025 by Europe’s four largest reinsurers – Swiss Re, Munich Re, Hannover Re and SCOR, according to a Fitch Ratings commentary. Insured losses … Source: Claims Journal

After Hurricane Milton swept through parts of southwestern Florida in October, aerial drone images showed condominium buildings with large sections of their roof membranes peeled back like blankets on a beach, exposing the buildings to water intrusion. Builders and commercial … Source: Claims Journal

Tesla Inc. will release a software update to about 1.2 million cars in China—around half the fleet it’s sold in the country—to fix issues with the vehicles’ power steering and rear-view cameras that may pose safety risks. The steering issue … Source: Claims Journal

Moody’s Ratings said in a report on Thursday that it expects the Los Angeles wildfires to increase property insurance costs across California. According to Moody’s, the state’s already noticeable insurance pricing and availability challenges are likely to intensify, with negative … Source: Claims Journal

A cannabis growing company has lost its bid to have its insurer cover $1.3 million in claimed business income losses after a building fire damaged almost 1,000 of its marijuana plants and shuttered one of its “flowering” rooms. A federal … Source: Claims Journal

California Insurance Commissioner Ricardo Lara is asking all California insurance companies to provide advance payments on claims for Los Angeles wildfire survivors. Lara’s order is designed to help speed the recovery process for wildfire survivors affected by several fires in … Source: Claims Journal

The National Highway Traffic Safety Administration said on Wednesday that General Motors is recalling about 2,890 Chevrolet Equinox EV vehicles due to concerns about their adaptive cruise control. The recall affects certain 2025 Chevrolet Equinox EV all-wheel drive electric vehicles. … Source: Claims Journal

Bankrupt Purdue Pharma LP and members of the billionaire Sackler family agreed to pay $7.4 billion to a group of U.S. states and other parties to settle long-running litigation over OxyContin’s role in the deadly opioid epidemic. The deal comes … Source: Claims Journal

Last year saw record-breaking cargo theft activity across the United States and Canada, with 3,625 reported incidents representing a 27% increase from 2023, according to global data analytics and technology provider CargoNet, a Verisk company. The estimated average value per … Source: Claims Journal

Losses from the Palisades and Eaton fires near Los Angeles will be close to $28 billion, catastrophe modeler KCC reported on Thursday. KCC estimates that the insured loss from privately insured and FAIR plan policies to residential, commercial and industrial … Source: Claims Journal