PG&E Confirms $11B Settlement With California Wildfire Re/Insurers

PG&E Corporation and Pacific Gas and Electric Company (PG&E) has confirmed an $11 billion agreement to resolve all insurance subrogation claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire.

The agreement was reached with entities representing around 85% of insurance subrogation claims, which were based on payments the insurers made to help policyholders recover and rebuild after the fires.

Cal Fire concluded back in May that equipment owned by PG&E was responsible for igniting the Camp Fire last year, and the US utility company is also considered responsible for 17 of the 21 major wildfires that hit California in 2017.

PG&E filed for bankruptcy protection in January in anticipation of the massive fire liabilities it faced from the Camp Fire, which became the deadliest blaze on record.