PG&E Settles With Insurance Companies

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PG&E is settling with insurance companies over wildfire claims for $11 billion. That’s $9 billion less than the companies originally demanded and about $3.5 billion more than PG&E proposed. The deal announced this morning is subject to approval by the bankruptcy court. The utility has already settled with local government groups for $1 billion. It still needs to settle individual claims from homeowners and businesses. It has proposed creating a trust for those claims capped at $8.5 billion, but attorneys say that’s less than half what wildfire victims are owed.