Wildfires contributed to a 46% increase in fire severity for U.S. carriers in 2018 and making it critical for them to factor an extended fire season into their predictive models. (Photo: Shutterstock)
U.S. insurance carriers are challenged to reduce their exposure to loss as wildfires consume ever-larger areas of the country. While carriers have gotten better at analyzing claims, a possible new recurring pattern of headline-making wildfires, like the most recent one in Australia, could keep many carriers in a stalemate in their ability to assess, price and underwrite risks effectively.
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