Wildfires

Hedge funds are facing pushback in California as their bets tied to insurance claims stemming from the Los Angeles wildfires are attacked as unethical.

The Insurance Information Institute report calls for a focus on high-quality data to target insurance availability and affordability in wildfire-prone areas of California.

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The probe into the deadly Southern California Eaton fire is likely to take a year or more as authorities examine Edison International's utility equipment as the possible cause, according to the company's CEO.

Insured losses from natural catastrophes could soar to $145 billion this year as population growth, urban sprawl and climate change combine to supercharge risks, according to a report by Swiss Re Institute.

Catastrophes significantly increase claim volume and severity, resulting in extended claims cycles and frustrated policyholders.

Consumer Watchdog argues that California's insurance commissioner cannot allow the FAIR Plan homeowners insurance of last resort to pass on half a $1 billion assessment to consumers.

Homeowners who invest in wildfire mitigation measures get no guarantee of breaking even in the form of premium discounts, an insurance attorney points out.

Insurers resort to subrogation when they suspect that a third party is ultimately responsible for the losses. Rather than deal with the recovery risk, insurers have been selling claims on to alternative investment managers.