Until recently, wildfire was considered a highly manageable “attritional” loss by the insurance industry, comprised of a high frequency of low severity claims. Over the past 5 years that has changed. With a changing climate, more exposure in high risk areas, and a build-up of burnable vegetation, the risk of severe wildfire has increased to a point where it must now be treated as a major catastrophe risk - like flood, hail, or earthquake.
This session covers the reasons behind the elevated levels of wildfire risk, mitigation measures that can reduce location-level risk, and the science of fire hazard modeling.
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