NU Online News Service, Aug. 13, 11:12 a.m. EDT
Russian wildfires that have engulfed hundreds of thousands of acres will likely have minimal insurance impact, according to one expert.
Robert Muir-Wood, chief research officer for Risk Management Solutions, said that although 2,000 properties have been damaged or destroyed due to the more than 500 fires that continue to burn in Russia, insurance coverage is very low as the government promises to cover property damage caused by the fires.
"There's no thought to get insurance if the government steps in to pay when there is a loss, but that's how it is in Russia," Mr. Muir-Wood said.
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