7 Oct

PGE reaches 11B deal with California wildfire insurers

SAN FRANCISCO — 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.The Associated Press read more