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

“PG&E Corp. on Monday released a plan to offer nearly $18 billion to wildfire victims, insurance companies and cities and public entities in California that battled wildfires sparked by its electrical equipment” writes Associated Press for nypost.com. The utility said in a statement the tentative agreement covers 85 percent of the insurance claims from fires that included the one that decimated the town of Paradise and killed 86 people.AN FRANCISCO — Pacific Gas & Electric and a group of insurers announced Friday they reached an $11 billion settlement to cover most of the claims from wildfires in California in 2017 and 2018.The plan, which must be approved by state regulators, proposed setting aside two trusts totaling $16.9 billion to pay victims and insurance companies.
 
Source: nypost.com



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