Wildfires

California DOI submits wildfire modelling regulation in bid to grow insurance availability

California’s insurance commissioner Ricardo Lara has submitted new proposed regulation that he believes will increase coverage availability in the wildfire-prone state.

New wildfires rage on US East Coast, while CA works to contain Ventura County fire

Several fires are burning across the Northeast US, while firefighters also work to contain larger wildfires in California and other western states.

BMS expands specialty offering with winery wildfire risk solution

Specialist (re)insurance broker BMS Group has launched BMS Bacchus, a stock throughput solution designed to protect the production, storage and transit of wine.

Navigating the wildfire crisis

Jeff Walton, director at Howden Re, says collaboration and innovation are needed to deal with the wildfire crisis in California.

Sampson: Broad approach needed to address California’s fundamental problems

Two of the biggest issues for APCIA members are rebalancing risk in response to natural catastrophes and tackling litigation abuse, the association’s CEO David Sampson has told this publication.

Aon and ICEYE join forces to revolutionise flood and wildfire risk analytics

Aon earlier this month announced a strategic partnership with ICEYE that gives the broking giant ground-breaking access to the satellite operator’s cutting-edge flood and wildfire data.

CDI’s Lara teams with California universities to create public wildfire cat model

California’s insurance commissioner Ricardo Lara has unveiled a partnership with California State Polytechnic University, Humboldt to develop the country’s first public wildfire catastrophe model to estimate the future cost of wildfires and broaden access to insurance coverage.

Arden agrees wildfire risk mitigation partnership with Green Shield

MGA Arden Insurance Services has agreed a wildfire-focused partnership with catastrophe risk mitigation specialist Green Shield Risk Solutions.

Swiss Re partners with X’s Bellwether on wildfire risk assessments

Swiss Re has partnered with Bellwether – a project at X, Alphabet’s moonshot factory – in a move intended to help insurers offering property coverage in wildfire-prone regions accurately assess their risk, The Insurer can reveal.

Providing sustainable solutions to wildfire perils

Kevin Stein, founder and CEO of Delos Insurance Solutions, explains how applying AI and human expertise to risk models can provide sustainable solutions to wildfire-exposed homes.

Moody’s: Mitigation efforts can significantly reduce California wildfire loss costs

Mitigation actions will reduce average annual wildfire losses for a high-risk California suburb by up to 64 percent by the end of the century, according to a new study by Moody’s.

Delos secures Lloyd’s capacity to expand wildfire cover to CA vacant properties

Expansive wildfire insurance-focused MGA Delos Insurance Solutions is expanding its offering to cover California policyholders with vacant properties after partnering with a number of Lloyd’s syndicates.

CoreLogic estimates $356mn RCV for properties exposed to Texas’s Smokehouse Creek wildfire

CoreLogic has estimated that approximately 1,544 single-family residential properties with a combined reconstruction value of $356mn lie within the perimeter of the Smokehouse Creek wildfire in Texas.

Texas wildfire insured losses “could reach into hundreds of millions”

Insured losses from the wildfires that have been burning in Texas since 26 February could reach into the hundreds of millions of dollars, Aon’s Impact Forecasting unit has commented, while AM Best has provided figures on the insurers most exposed to losses by line.

Texas hit with its second-largest wildfire event by acres burned

Wildfires rapidly spread across Texas and into parts of Oklahoma on Wednesday, marking the second-largest wildfire event in Texas history.

Convergence around parametric solutions for wildfire: Instech

The increasing use of AI, combustion models and climate physics to model and price wildfire risk will see the emergence of solutions to provide new types of coverage – particularly parametric insurance – over the coming years, according to a new report by Instech.

CatIQ: Wildfires in Yellowknife and Hay River to cost C$60mn+

Losses from wildfires near Yellowknife and Hay River in Canada’s Northwest Territories earlier this summer are set to cost insurers at least C$60mn ($44mn), according to Catastrophe Indices and Quantification Inc (CatIQ).

Aon: Extreme heat can no longer be insurance industry “blind spot”

Understanding extreme heat is becoming increasingly important for societal resilience but remains a “blind spot” for the insurance industry, broker Aon has warned.

Maui wildfire claims total more than $1.35bn says state insurance division

Hawaii’s state insurance division has said claims to date for damage associated with the August wildfires have totalled more than $1.35bn.

CA FAIR Plan partners with ZestyAI to better assess wildfire exposure

The California Fair Access to Insurance Requirements Plan has signed up to ZestyAI's Z-FIRE risk analytics platform as the Golden State’s residual property insurer looks to get a better handle on its wildfire exposure.

Region

Topics

Events & Conferences

Content Types