In recent developments that underscore the growing impact of climate change on real estate and insurance industries, several major insurance providers have begun withdrawing from California, citing unprecedented wildfire risks.
Tag: california wildfires
California Insurance Crisis: Commissioner Takes Action
California is experiencing an insurance crisis, with homeowners facing skyrocketing premiums and insurers withdrawing from high-risk areas. The crisis is driven by increasing wildfire risks and a challenging regulatory environment.
APCIA to CDI: Cat Modeling An Important Step to Manage Increasing Climate Change Threats
“We are pleased to see the CDI continue their work to explore the benefits of catastrophe models, including how forward-looking models can be used to better assess increasing risks caused by climate change and drier conditions.”
Key Insights into the New Wildfire Risk Assessment for California Property Owners: CoreLogic
The California Department of Insurance (CDI) will require insurers to offer discounts to property owners who implement wildfire safety and mitigation measures outlined in the state’s Safer From Wildfires guidelines.
California’s Recent Flooding Could Set the Stage for a Dangerous Wildfire Season
California’s landscape has always been appealing, with vast stretches of desert giving way to towering, snow-capped mountains or the waters of the Pacific Ocean.
CA’s Catastrophic Wildfires in 2020 Erased 20 Years of Greenhouse Gas Emission Reductions
According to a new study, California’s catastrophic wildfires in 2020 released twice as much greenhouse gas emissions into the atmosphere as the state’s reductions in those same gases over nearly 20 years, erasing gains dating back to 2003. According to the researchers, it is part of a very negative positive feedback loop. “Climate change is… Continue reading CA’s Catastrophic Wildfires in 2020 Erased 20 Years of Greenhouse Gas Emission Reductions
Millions of Homes Are Being Built in Harm’s Way Even as Wildfires Grow
Wildfires are becoming larger and more severe across the Western United States as global warming intensifies. At the same time, new data show that more Americans than ever are moving to areas of the country that are more likely to burn, increasing the likelihood of disaster. More than 16 million homes in the West were… Continue reading Millions of Homes Are Being Built in Harm’s Way Even as Wildfires Grow
Evaluating Wildfire Risks Increasingly Difficult for Insurers
Assessing wildfire risks has become more difficult for insurers, according to experts, but a new report accusing California insurance companies of improperly restricting coverage has raised concerns that carriers are abdicating their responsibilities as the blazes become more destructive. While insurers say that finding better ways to assess risk is critical to offering insurance at… Continue reading Evaluating Wildfire Risks Increasingly Difficult for Insurers
California Bill Would Invest Billions for Wildfire Response
As Gov. Gavin Newsom prepares to release his May budget revision, with an estimated surplus of $68 billion, Assemblymember Marc Levine (D – Marin County) announced a $10 billion budget request on Monday, including $5 billion to incentivize home hardening in high wildfire risk areas and another $5 billion to establish a state Catastrophic Wildfire… Continue reading California Bill Would Invest Billions for Wildfire Response
Southern California Edison Faces $550M In Penalties for 5 Wildfires
California regulators approved a settlement Thursday placing more than half a billion dollars in fines and penalties on the utility Southern California Edison for its role in five wildfires in 2017 and 2018. The penalties relate to the Thomas, Woolsey, Rye, Meyers and Liberty fires. The Thomas fire, which burned in Ventura and Santa Barbara… Continue reading Southern California Edison Faces $550M In Penalties for 5 Wildfires