PG&E reaches $11 billion deal with California wildfire insurers

Pacific Gas & Electric and a group of insurers say they have reached an $11 billion settlement to cover most of the claims from the 2017 and 2018 wildfires in California.

Posted: Sep 13, 2019 10:20 AM

SAN FRANCISCO (AP) - Pacific Gas & Electric and a group of insurers say they have reached an $11 billion settlement to cover most of the claims from the 2017 and 2018 wildfires in California.

The utility said in a statement Friday the tentative agreement covers 85% of the insurance claims, including a fire that decimated the town of Paradise.

A group of insurers said in a separate statement the settlement is well below the $20 billion the insurance companies had sought in bankruptcy court.

PG&E Corp. on Monday released a plan to offer nearly $18 billion to victims, insurance companies and cities and public entities in California that battled fires sparked by electrical equipment.

PG&E sought bankruptcy protection in January because it said it could not afford an estimated $30 billion in damages.

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The last two days saw quite a bit of rain in Northern California. Today we could see more but the showers look to be more isolated today than in previous days. Highs today are expected to reach the upper 50s to lower 60s.
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