PROPERTY CASUALTY ASSOCIATION OF AMERICA: 2018 Wildfires Cause the Most Insured Losses in California History

Property Casualty Association of America issued the following announcement on May 9.

The following statement is in response to new insured loss data from the 2018 wildfires released today by California Insurance Commissioner Richardo Lara. The statement can be attributed to Nicole Ganley, senior director of public affairs for the American Property Casualty Insurance Association.

“Wildfire has long been part of California’s landscape and insurers understand that this risk is increasing. The 2018 wildfires resulted in $12 billion in insured losses becoming the costliest fires in state history.

“The record-breaking wildfire seasons of 2017 and 2018 emphasize the need for property owners and businesses to maintain insurance coverage and insurers are committed to maintaining a healthy and vibrant market for the benefit of consumers. This environment creates more competition which gives consumers more choices.

“Looking ahead to the 2019 wildfire season, California renters and homeowners should make a home inventory and call their agent to update their policy. Talk to your agent about current coverage limits to be sure they are adequate to rebuild and consider optional endorsements for building code upgrades and extended replacement cost.

“The combination of drought and bark beetle infestation have killed millions of trees, causing more fuel for wildfires. Additionally, the extensive rain earlier this year will create even more fuel and wildfire risk during summer and fall months. Now is the time to take steps to mitigate damage and prepare your property and finances for wildfire.”

Representing nearly 60 percent of the U.S. property casualty insurance market, the American Property Casualty Insurance Association (APCIA) promotes and protects the viability of private competition for the benefit of consumers and insurers. APCIA represents the broadest cross-section of home, auto, and business insurers of any national trade association. APCIA members represent all sizes, structures, and regions, which protect families, communities, and businesses in the U.S. and across the globe.

Original source can be found here.

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Property Casualty Association of America 8700 West Bryn Mawr Avenue Chicago, IL 60631