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American cities have a long history when it comes to fire. As the historian Daniel Immerwahr noted in a fascinating and beautifully written (and also open access) journal paper last year, the great circus master P. T. Barnum listed five occasions in his memoirs when his circus, museum or home was destroyed by a blaze. […] 

 

This US survey examines (a) California's insurance industry regulator issued statements shortly before and shortly after the recent wildfires started (on December 30, 2024, and January 9, 2025): https://www.insurance.ca.gov/0400-news/0100-press-releases/2024/release065-2024.cfm; https://www.insurance.ca.gov/0400-news/0100-press-releases/2025/release005-2025.cfm In the face of growing wildfire risks, price caps on insurance premiums have substantially reduced the viability of private property insurance markets in California; (b) A mandatory one-year moratorium on insurance non-renewals and cancellations would lead to a substantial longer-term reduction in the supply of private home insurance products and the number of households that are insured against catastrophic risk in areas of California affected by recent wildfires

  

This Finance survey examines (a) California's insurance industry regulator issued statements shortly before and shortly after the recent wildfires started (on December 30, 2024, and January 9, 2025): https://www.insurance.ca.gov/0400-news/0100-press-releases/2024/release065-2024.cfm; https://www.insurance.ca.gov/0400-news/0100-press-releases/2025/release005-2025.cfm In the face of growing wildfire risks, price caps on insurance premiums have substantially reduced the viability of private property insurance markets in California; (b) A mandatory one-year moratorium on insurance non-renewals and cancellations would lead to a substantial longer-term reduction in the supply of private home insurance products and the number of households that are insured against catastrophic risk in areas of California affected by recent wildfires. 

It can be all too easy for both investors and those writing about finance and economics to get too caught up in the day-by-day and week-by-week moves of financial markets. The drama of sudden gyrations, rallies, and declines is sometimes irresistible and there is always a risk that too much significance will be attached to […] 

It is never a good sign for finance ministers when bond market moves make the front pages of the non-financial press. That is what has happened this week in Britain as the rising yield on gilts (as British sovereign bonds are rather quaintly sometimes dubbed) rose to multi-year highs. The yield on ten year British […] 

Despite a wobble at the very end of the year, American investors remain in an exuberant mood.  The results of Bank of America’s closely watched survey of fund managers found them in a mood best described as near-euphoric or “super bullish” in the words of the firm’s investment strategist. Allocations to cash fell to record […]