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According to updated data from CalFire, the Eaton Fire has destroyed 5,718 structures, while the Palisades Fire has resulted in the loss of 2,869 structures. Combined, these fires now rank among the five most destructive wildfires in California’s modern history. Authorities have confirmed at least 25 fatalities and numerous injuries.

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This syndicate, launched in April 2024, is the first at Lloyd’s to focus exclusively on African markets and is projected to write £125 million in gross premiums in 2025. Currently, African business accounts for only 2% of Lloyd’s overall portfolio.

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Simply put, many insurance policies targeting health startups aren’t fit for purpose. “Companies might hold on to exclusions that were added 20 years ago, and they’re hesitant to remove them. As a result, some businesses might get coverage, but it’s inadequate for their actual needs,” Shastri said.

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“Many types of investors, from pension funds, and also private equity, are providing the needed capital to fund the pension protection gap through a variety of mechanisms, including delivering higher returns, investing in pension-related liabilities, partnering with insurers, and offering innovative retirement products.”

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For context, California’s most expensive wildfire to date, the 2018 Camp Fire, resulted in insured losses of $10 billion ($12.5 billion in 2024 dollars). The Woolsey Fire, which previously hit Los Angeles and Ventura counties, caused $4.2 billion in insured losses ($5.3 billion in 2024 dollars).

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Weather catastrophes dominated the loss landscape, accounting for 93% of overall damages. The United States faced particularly severe impacts, with hurricanes Helene and Milton striking Florida in quick succession. Hurricane Helene inflicted $56 billion in damages, while Milton caused $38 billion in losses, with $25 billion covered by insurance.

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“By harnessing the power of AI and comprehensive data sets, we have been able to take a more informed approach to presenting and underwriting risk. This approach has enabled us to deliver scalable reinsurance capacity at an accessible premium, adding critical coverage for businesses that were largely unprotected,” Steve McGill CBE, Founder and CEO of McGill and Partners, said in a press release.

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Peacock identified multiple factors contributing to the escalating insurance costs in California. “You’ve got more expensive real estate, you have more real estate built … into the fire zones, and then there are all manner of conditions and situations in California that make that even more challenging,” he said. He also highlighted the inflationary pressures driving up the costs of both homes and cars, making repairs and purchases more expensive. Furthermore, the risk of extreme weather events, such as wildfires, has increased, complicating the ability to set appropriate insurance rates in the state.

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“As in other parts of the world, in Australia, too, insurance premiums for properties in high-risk areas – like flood-prone regions or bushfire zones – have skyrocketed and hundreds of thousands of homes could become ‘uninsurable’ by the end of the decade,” said Schanz, director of social and financial inclusion.

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Neal’s leadership coincided with significant global challenges, including Brexit, the COVID-19 pandemic, inflationary pressures, and geopolitical uncertainties. He worked to address these issues while promoting the insurance industry’s role in supporting sustainability efforts, including climate change initiatives.

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