A community-based catastrophe insurance (CBCI) program clearly defines before a disaster what type of support will be given to individuals. This facilitates better individual risk management and planning than reliance on uncertain aid. Also, the inclusion of a risk signal in a CBCI program — for example, via a risk reduction surcharge — requires and supports raised awareness of ... Continue Reading »
Wildfire
Community-Based Catastrophe Insurance: A Model for Closing the Disaster Protection Gap
A new report from Guy Carpenter, Marsh & McLennan Advantage, and the Wharton Risk Management and Decision Processes Center, Community-Based Catastrophe Insurance: A Model for Closing the Disaster Protection Gap, sets out an innovative model to deliver insurance and help communities close the disaster protection gap. ... Continue Reading »
Wildfire – Understanding and Modeling the Risk: Part IV
The GC Urban Conflagration Index, available in the western United States and Florida, identifies areas where the phenomenon of urban conflagration is more likely. Urban conflagration – wildfire entering a developed area and spreading from structure to structure, is of particular concern to carriers due to the highly correlated and often total resulting losses. The GC Urban ... Continue Reading »
Wildfire – Understanding and Modeling the Risk: Part III
In a proactive response to consecutive years of record wildfire insured losses, Guy Carpenter has been working to develop tools to help clients quantify, manage and better understand their wildfire risk, according to Alexander Van Dijk, President, U.S. Branches, and Kimberly Roberts, North America Peril Advisory, Guy Carpenter. This includes a holistic suite of tools and ... Continue Reading »
Wildfire – Understanding and Modeling the Risk: Part II
A pattern has emerged related to the joint concept of greater precipitation in winter months coupled with greater evaporation in summer months, both driven by a warming climate. A wet winter allows grasses to grow, which dry out during excessively hot summers, and become receptive fuel for fire, especially during offshore wind events like the Santa Ana Winds. The 2017 and 2018 ... Continue Reading »
Wildfire – Understanding and Modeling the Risk: Part I
A confluence of excessive heat and lack of precipitation has led to a dangerous wildfire situation in the western United States. As of late September, 75 percent of the western region is in a state of moderate to exceptional drought. The drought, combined with high winds and lightning activity, precipitated the ignition and rapid spread of over 70 large fires in California, ... Continue Reading »
APCIA Annual Meeting: Guy Carpenter Insights
Guy Carpenter recently published insights on the critical issues shaping the reinsurance industry to coincide with the 2020 APCIA Annual Meeting. Topics covered in the articles center around the changing nature of risk, specifically the evolving landscape for cyber, wildfire and broader casualty risks. ... Continue Reading »
Wildfire: Understanding and Modeling the Risk
A confluence of excessive heat and lack of precipitation has led to a dangerous wildfire situation in the western United States. As of late September, 75 percent of the western region is in a state of moderate to exceptional drought. The drought, combined with high winds and lightning activity, precipitated the ignition and rapid spread of over 70 large fires in California, ... Continue Reading »
Extreme Fire Weather Conditions and September Wildfire Outlook
Excessively hot temperatures in recent days have created favorable conditions for the growth of numerous ongoing fires in the western United States as well as the ignition and spread of several new fires. A cold front has begun to bring cooler temperatures and precipitation in the form of both rain and snow to parts of the Mountain West but is also increasing wind speeds ... Continue Reading »
Weather Sentinel: Significant Wildfire Potential Outlook; June 2020
With fires already burning in Florida and the Southwest, seasonal dryness and heat are beginning to cure fuels in the western US. Portions of the Rockies, Southwest, and Northern California have experienced large precipitation deficits over winter, and significant wildfire potential is above normal. ... Continue Reading »
