If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

Image: JOSH EDELSON/GETTY IMAGES

California is once again in crisis mode. The Kincade, Saddle Ridge, Tick, and Getty fires were spurred by high winds—some reportedly in excess of 100 mph (the equivalent of a Cat 2 hurricane)—causing California’s governor to declare a state of emergency. While the Getty Fire threatened high-value homes in Los Angeles, the Kincade Fire, in northern California, grew rapidly—burning 77,000 acres and forcing 200,000 people to evacuate. Likewise, proactive power outages have exacerbated fear and frustration and left millions of people in the dark across California, including some of our own here at SpatialKey.

Insurers have always been a step behind with their wildfire event response efforts. Namely because of how quickly a wildfire moves and how slowly perimeter data has historically been generated. This means carriers are often left in the dark during an event, not knowing which insureds have been or could be impacted. With the past several years seeing steep increases in the severity of wildfire events—$12 billion in insured losses in California alone in 2018, and nearly that same amount in 2017—now is the time for carriers to ensure every measure is being taken to get in front of this year’s wildfires.  

Following back-to-back years of tragic wildfires, some California residents and business owners will face another crisis—getting wildfire coverage—and making sure it’s adequate and affordable. As an insurer, agent, or broker, how do you rise to this challenge? The challenge of helping Californians rebuild and safeguard their homes and businesses, while protecting your own interests. There’s no doubt, insurance plays a key role in California's economy and resilience as wildfire risk continues to evolve. Last August, California Governor, Jerry Brown, stated about fighting wildfires in California: “We’re in for a really rough ride...and we have to apply all our creativity to make the best of what is going to be an increasingly bad situation.” 

California wildfires burn a Paras Vineyards building burns in the Napa area Oct. 10, 2017 (courtesy of Josh Edelson/AFP/Getty Images)

This fall, it seems that we can’t catch a break from natural catastrophes and extreme weather. While many people have been eyeing the record-setting hurricanes we’ve seen over the last few months, wildfires in the West are rapidly competing for our attention. Northern California is the latest area to be hit by wildfires, and as of Thursday, they’ve burned for five days straight, with the worst occurring in Napa and Sonoma counties.