PG&E reaches $11B settlement with insurers over North Bay fires

Bay Area

SAN FRANCISCO (KRON) – PG&E on Friday said it has reached an $11 billion settlement with insurance companies over the 2017 and 2018 North Bay wildfires.

PG&E said the tentative settlement covers all insurance subrogation claims.

The agreement was reached with a group that holds 85% of those claims.

86 people were killed in the Camp Fire which destroyed most of the town of Paradise.

In a statement, Bill Johnson, CEO and President of PG&E Corp. said:

“Today’s settlement is another step in doing what’s right for the communities, businesses, and individuals affected by the devastating wildfires. As we work to resolve the remaining claims of those who’ve suffered, we are also focused on safely and reliably delivering energy to our customers, improving our systems and infrastructure, and continuing to support California’s clean energy goals. We are committed to becoming the utility our customers deserve.”

This is PG&E’s second major settlement of wildfire claims.

Back in June, PG&E and 18 local public entities announcing they had reached agreements to settle their claims relating to the 2015, 2017, and 2018 wildfires for a total of $1 billion.

Latest News Headlines:

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Tracking COVID-19 in the Bay Area

Trending Stories

Latest News

More News