“Catastrophic wildfire losses are on the rise, but it’s not just property insurers that are expected to bear the brunt of future claims. According to a new report from Lloyd’s, insurers across several lines of business are warned to be mindful of their exposures, and are reminded that they have an important role to play in mitigating future wildfire risk.
US wildfires cost the US insurance market $595m in 2012 alone, and according to a new report from Lloyd’s – Wildfires: A Burning Issue for Insurers? – insurers can expect losses to increase. Globally, wildfires have caused $52.3bn in economic losses since 1984, the report says, and the US – one of the countries hit most frequently by wildfire catastrophes – experienced losses of $28.5bn between 1980 and 2011.”
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Bill Leys-The Deck Expert
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