For the first time, insured losses from SCS in the U.S. surpassed $50 billion and accounted for 60% of global insured losses.
Tag: wildfires
Wildfires Estimated to Cost U.S. Between $394-$893B Annually
Climate-exacerbated wildfires are estimated to cost the United States between $394 billion to $893 billion each year in economic costs and damages, a number that is considerably higher than existing estimates.
Record Number of Billion-Dollar Disasters Shows the Limits of America’s Defenses
The United States has suffered 23 billion-dollar disasters so far in 2023, a record for this point in the year that highlights the country’s struggle to adapt to the effects of climate change.
Climate Change Boosts Risk of Explosive Wildfire Growth in California by 25%, Study Says
Climate change has ratcheted up the risk of explosive wildfire growth in California by 25% and will continue to drive extreme fire behavior for decades to come, even if planet-warming emissions are reduced, a new study has found.
Insurers Face Challenges from Supply Chains, Inflation, Surging Demand for Materials Following Maui Wildfires
Following the deadly wildfires on the Hawaiian island of Maui, insurance carriers will face myriad challenges including supply chain complexities and demand surge for fire-resistant materials, according to industry observers.
As Wildfires Multiply, A New Era of Air Pollution
From Quebec to British Columbia to Hawaii, North America is facing an extraordinary wildfire season—and regions both near and far have found themselves increasingly blighted by smoke exposure.
Maui Fire Lays Bare Utility Missteps Mirrored Across the Country
When flames ripped through the drought-parched town of Paradise in 2018, destroying homes and killing 85 in California’s deadliest-ever wildfire, it was a wake-up call to power companies across the country.
More than 50,000 to Lose Homeowners Insurance as Two More Insurers Exit California
AmGUARD Insurance—a subsidiary of Berkshire Hathaway GUARD Insurance Companies—will withdraw its homeowners and personal umbrella programs in California, while Falls Lake Insurance will also end its homeowners program.
Wildfires and Thunderstorms Are Throwing Insurance Market Into Turbulence
Smaller but more frequent catastrophes are a primary driver of changing rates and coverage.
Workers Lack Protections When Wildfire Smoke Makes the Air Dangerous
Millions of American workers have breathed in dangerous levels of air pollution this year as smoke from Canada’s record wildfire season blankets cities across the Northeast.