New approaches to growing perils

Wildfires have become one of today’s most rapidly increasing, and devastating, natural catastrophes. Climate change factors like rising temperatures, unusually dry conditions, and human behavior are a few key drivers in wildfire escalation; the severity and scope of fires in California and many other states in recent years being powerful examples. Insurers are challenged to find new ways to measure this changing risk and continue to provide coverage in higher risk areas.

Munich Re US experts have closely studied wildfires for well over a decade and have invested in new ways to help insurers better manage wildfire risk exposure. Focused wildfire research has led to more up-to-date analyses of factors contributing to frequent, intense wildfires aiding in the development of:

• updated tools for assessing wildfire hazard areas
• best practices underwriting guidelines
• new and improved risk control capabilities

Our goal: Help insurers better manage their portfolios in light of these evolving threats, by leveraging subject matter expertise and global business experience. 

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^{1. https://www.iii.org/fact-statistic/facts-statistics-wildfires#Wildfire%20%20Lossses%20In%20The%20United%20States,%20%202010-2019%20}