January 22, 2025
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The market expects a lower proportion of restoration by utilities than after 2018’s Camp Fire. -
Last year was the ninth-largest loss year for the country on record.
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The year featured the fewest multi-billion-dollar insured loss events since 2019.
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The storm is expected to bring freezing rain and heavy snow across a wide swath of the US.
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SCS insured losses accounted for 48% of all global losses last year.
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Over 30 years after the Northridge earthquake, quakes have fallen out of market discussions.
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Increased vegetation could spell trouble in the future.
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The broker has analyzed the differences in wildfire risk between Northern and Southern California.
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Wildfires and SCS led to $108bn of total insured losses globally, despite no major hurricane making US landfall.
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One avenue for capital freed up by a softer-than-expected renewal could be more M&A.
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This is lower than some estimates, which had put insured losses at over $30bn.
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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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