As Wildfires Burn Insurance Capacity Shrinks

Alexandria Minto

🔥 As Wildfire Burn Insurance Capacity Shrinks�

San Francisco 2021

According to the National Interagency Fire Center (NIFC), there are now a total of 91 Wildfires burning in the U.S. Since these fires have begun, more than 1.8 million acres have been burned. This brings the total of land burned in 2021 to over 3 million acres.

Insured losses from wildfires in the U.S. have exceeded $13 billion and economic losses have topped $20 billion in three of the last four years, according to Aon. As these wildfires grow, the insurance capacity shrinks.

California homeowners and businesses are paying five to six figure premiums for property insurance, and that is when they can find insurance. The governor has committed to $2 billion dollars to wildfire budget items, but California industry leaders argue this is not enough. Californian's are calling on the reinsurance market to back property/casualty insurance companies or there will be an availability crisis in the state for property insurance. (iii.org/wildfires)

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