Massive Projected Losses from LA Wildfires & TX’s Driver Information Lawsuit Towards Allstate

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Value of LA Wildfires May Attain $150B

J.P. Morgan mentioned final week that insured losses from the wind-driven wildfires in Los Angeles may attain $10 billion, in line with reporting by Reuters. AccuWeather initially estimated the whole injury and financial loss from the fires would vary from $52 billion to $57 billion, however days later it revised its estimate to between $135 billion and $150 billion, which might make the hearth catastrophe one of many costliest in fashionable U.S. historical past. (INSURANCE JOURNAL, ACCUWEATHER)

Texas Sues Allstate Over Assortment of Driver Information

Texas filed a lawsuit alleging Allstate has been secretly gathering driver information via drivers’ smartphone apps. Texas AG Ken Paxton (R) mentioned Allstate and its analytics subsidiary Arity paid cell app builders hundreds of thousands of {dollars} to put in their monitoring software program. Final 12 months the state sued General Motors for allegedly gathering drivers’ information and promoting it to insurers with out the drivers’ consent. (NEW YORK TIMES)

—Compiled by SNCJ Managing Editor KOREY CLARK

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