Months after a catastrophic fire burned more than 2,200 homes in Hawaii, some property owners are getting more bad news — their property insurance won’t be renewed because their insurance company has deemed the risk too high.
Tag: wildfire risks
Hawaii Wildfires Spur Insurers to Reassess the State’s Risk
Weeks after wildfires killed at least 115 people on Maui, insurance companies are beginning to assess the damage to calculate their payouts. Early estimates for the total cost of the fires are $4 billion to $6 billion, according to a report from Moody’s Risk Management Solutions.
State Farm Will No Longer Provide Home Insurance to New CA Customers
State Farm will no longer provide home insurance to new California customers because of wildfire risks and an increase in construction costs, the company said Friday.
Aon Collaborates with the University of California to Enhance Wildfire Modeling
Aon plc, a leading global professional services firm, today announced a new collaboration between its Impact Forecasting team, the University of California, Merced and the University of California, Los Angeles to implement the latest climate change science and research into Aon’s U.S. wildfire catastrophe model. The collaboration includes research from some of the nation’s top… Continue reading Aon Collaborates with the University of California to Enhance Wildfire Modeling
Year-Round Wildfire Season Forcing Businesses to Think Ahead
Wildfires are becoming a year-round challenge for businesses across the country, but companies can take proactive steps, from scenario planning to site design, to reduce the risks they face, according to experts. Every state except Delaware experienced wildfires last year, and experts predict an above-average season this year as well, according to Richard Standring, a… Continue reading Year-Round Wildfire Season Forcing Businesses to Think Ahead
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
Water Scarcity Is Baking Cropland, Ramping Up Wildfire Risk from California to Texas
Normally at this time of year, Katy Kemp’s 80 head of cattle would be grazing on her family’s ranch in Staples, Texas. Instead, the herd is living off dwindling hay stores as drought dries up grassland and chokes off crops. Parts of Texas are so starved for water that ranchers are trucking feed 1,000 miles… Continue reading Water Scarcity Is Baking Cropland, Ramping Up Wildfire Risk from California to Texas