Insurers’ exposure to PG&E wildfire liability appears limited: Best
A.M. Best Co. Inc | November 21, 2018
The property/casualty insurance sector has limited exposure to the debt of troubled California utility PG&E Corp., according to a briefing released Wednesday by A.M. Best Co. Inc. Approximately 10% of insurers have exposure to PG&E bonds by a number of entities, Best reported. The property/casualty segment, however, holds just 10% of the industry’s entire holdings, while the life/annuity segment holds 88%, the Best briefing said. Two-thirds of these entities have exposures totaling less than 1% of capital and surplus, Best said.