As peak wildfire season approaches with the kickoff of summer 2019, a new issue paper from the American Academy of Actuaries examines the key challenges and information that property insurance consumers, insurers, public policymakers, and other stakeholders need to know about wildfire risk. “California’s devastating 2017 and 2018 wildfires were a wake-up call to all… Continue reading Actuaries Provide a Look at Wildfire Risk Ahead of 2019 Season Peak
Tag: wildfires
As Hurricane, Fire Seasons Approach, More People Likely to Be in Harm’s Way
As emergency managers prepare for hurricane and wildfire seasons, they say growing development and higher population in vulnerable areas will likely amplify the damage and devastation. Meteorologists expect more than a dozen named storms in the Atlantic this year, slightly above average. In California, a burst of vegetation from rains could serve as fuel in… Continue reading As Hurricane, Fire Seasons Approach, More People Likely to Be in Harm’s Way
Millions Live in Parts of California Threatened by Wildfires
Impoverished towns in the shadow of Mount Shasta. Rustic Gold Rush cities in the Sierra Nevada foothills. High-dollar resort communities on the shores of Lake Tahoe. Ritzy Los Angeles County suburbs. They all could be the next Paradise. A McClatchy analysis reveals more than 350,000 Californians live in towns and cities that exist almost entirely… Continue reading Millions Live in Parts of California Threatened by Wildfires
PG&E Escapes Strict Wildfire Prevention Rules, Judge Decides
PG&E must comply with existing wildfire prevention rules and its own plans to combat wildfires, a federal judge ruled Tuesday — but the embattled utility avoided severe new regulations that the company said would have cost up to $150 billion to obey. U.S. District Court Judge William Alsup did bar PG&E from issuing dividends to… Continue reading PG&E Escapes Strict Wildfire Prevention Rules, Judge Decides
Lloyd’s of London Blames £1B Loss on Natural Disasters
Lloyd’s of London has reported a second consecutive year of losses after a series of natural disasters including hurricanes Florence and Michael and the deadly California wildfires. The insurance market reported a £1bn loss, halving its 2017 loss of £2.1bn. Chief executive John Neal vowed to turn around the market, saying this year would see… Continue reading Lloyd’s of London Blames £1B Loss on Natural Disasters
Climate Change Could Make Insurance Too Expensive for Most People: Report
Insurers have warned that climate change could make cover for ordinary people unaffordable after the world’s largest reinsurance firm blamed global warming for $24bn of losses in the Californian wildfires. Ernst Rauch, Munich Re’s chief climatologist, told the Guardian that the costs could soon be widely felt, with premium rises already under discussion with clients… Continue reading Climate Change Could Make Insurance Too Expensive for Most People: Report
PG&E Delayed Safety Work on Power Line That Is Prime Suspect in California Wildfire
For five years, PG&E Corp. repeatedly delayed a safety overhaul of a century-old high-voltage transmission line that is a prime suspect behind the deadliest wildfire in California history. The company told federal regulators in 2013 it planned to replace many of the towers, wires and hardware pieces on the line, called the Caribou-Palermo, regulatory filings… Continue reading PG&E Delayed Safety Work on Power Line That Is Prime Suspect in California Wildfire
RMS Releases New Model to Empower Reinsurers to Address Pervasive Wildfire Risk
RMS, the world’s leading risk modeling and analytics firm, announces the release of the RMS U.S. Wildfire High Definition (HD) Model, the most comprehensive solution available for addressing wildfire risk across the Contiguous United States (48 States). Since 2014, devastating wildfires have unleashed more than USD $30 billion in claims and five of the 10… Continue reading RMS Releases New Model to Empower Reinsurers to Address Pervasive Wildfire Risk
Shutdown Damage Will Persist Long After U.S. Government Reopens
The government may be reopening, but the consequences of the longest federal shutdown in U.S. history are likely to linger for national parks, forests, the federal workforce and cutting-edge scientific research. Some may even be permanent. Many fire crews missed their window for controlled burns to prevent wildfires. Irreplaceable relics may have been damaged in… Continue reading Shutdown Damage Will Persist Long After U.S. Government Reopens
2018 Third Consecutive Year of Above-Average Catastrophe Activity: CoreLogic
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its annual Natural Hazard Report, which addresses the recent wildfires in California and severe rainfall- and hurricane-induced flooding throughout the nation as the leading catastrophes in 2018. Much like 2017, last year was an above-average year for hurricanes, flooding, wildfires and severe… Continue reading 2018 Third Consecutive Year of Above-Average Catastrophe Activity: CoreLogic