When Katrina's wind v. water issues came to the forefront, Claims turned to attorney Jay Brown, a partner at the law firm of Beirne Maynard & Parsons, to clarify some of the judicial decisions and implications. So when we started wondering what to expect from the California wildfires, we dialed up Brown again to find out what he thought might be some long-term effects from the conflagrations.
How might the wildfires in California affect insurance policies in the future?
The loss histories for the destroyed homes now indicate the fact of a very large claim. If that claim negatively impacts the loss history to an extent greater than the insurers have assessed that risk in the past, then premiums must increase. There is no way around it.
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