How Will California’s Wildfires Impact Property Insurance?
Wildfires have ravaged California in the past five years, racking up as much as $24B in damages in 2017 and 2018 alone. In the past, catastrophic weather events — like Hurricane Andrew, which brought $15B worth of destruction to Florida in 1992 — have changed the way insurers handled property insurance. Now, the insurance industry is beginning to confront whether wildfires of this scale in California are the new normal, and to plan accordingly. To get to the bottom of whether California's increasingly destructive wildfires will affect rates and deductibles for CRE, Bisnow sat down with commercial property insurance risk management experts