Here we review GC Capital Ideas’ recent stories on wildfire peril and protection.
Wildfire Risk and Underwriting Strategy: In 2018, California suffered its most costly and deadly fire season to date. The year’s costliest insured loss event was California’s Camp Fire at USD 12 billion — also the most destructive fire in the state’s history.
Guy Carpenter Selected by CEA on Wildfire Fund Reinsurance and Risk Transfer Program: Guy Carpenter & Company today announced its appointment as the sole reinsurance intermediary for the newly formed California Wildfire Fund, which is currently being administered by the California Earthquake Authority (CEA).
A Risk Overview of Wildfire: Today, the frequency and severity of wildfires are garnering greater attention-not only from the media, but also from (re)insurers, catastrophe modelers, mitigation experts and other invested parties.
Weather Sentinel: Significant Wildfire Potential Outlook: Moving into the late summer, weather patterns are favoring seasonal dryness in the western United States, where moderate to severe drought is persisting in the Pacific Northwest, and fuels are drying out and becoming receptive to fire.
As Wildfires Get Costlier and Deadlier, Insurers and Utilities Pay the Price: The wildfires of 2017 and 2018 have led some to ask whether we have entered a fiery new normal. But the “new normal” framing — the idea that we have reached a new equilibrium — is misleading.