AIR Worldwide Corporation has released its U.S. wildfire model, a probabilistic model designed to help insurers understand the location of their exposures and to estimate potential losses from wildfires. The model will help insurers, reinsurers, and intermediaries manage wildfire risk both for individual policies and entire portfolios of properties in California.

Nationally, wildfires have cost the insurance industry more than $5 billion since 1980 with a majority of the losses occurring in California, according to AIR. The 2003 wildfires in Southern California cost insurers more than $2 billion. Together, the fires burned more than 750,000 acres, destroyed 3,700 homes, and resulted in the deaths of 24 people.

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