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.
Tag: wildfires
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.
AXA Weighs Offloading $2 Billion Reinsurance Arm to Cut Disaster Risk
One of the world’s top insurers, AXA SA, is mulling offloading its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes, according to three people familiar with the matter.
Insurers Are in the Hot Seat on Climate Change
Insurers are raising premiums and are cutting back coverage because of more damaging storms and wildfires, made worse by climate change. They insure the fossil-fuel producers whose products are blamed for causing climate change. And, as big investors, they fund these same companies. Most try to promote their climate bona fides.
U.S. Property Catastrophe Reinsurance Rates Rise Up to 50% on July 1: Report
U.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, broker Gallagher Re said in a report on Monday, with states such as California and Florida increasingly hit by wildfires and hurricanes.