California News

PG&E Agrees To $11B Settlement Over California Fires

Silicon Valley Business Journal-

PG&E said Friday that it has agreed to settle insurance claims from the Wine Country wildfires in 2017 and the huge Camp Fire in 2018 for $11 billion.

The tentative settlement with insurers is less than the $20 billion the insurance companies had initially sought from PG&E (NYSE: PCG). The utility’s electrical lines were the cause of the fires, state fire investigators found. “These claims are based on payments made by insurance companies to individuals and businesses with insurance coverage for wildfire damages,” PG&E said.

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