Carr and Mendocino Complex Fire Insurance Claims Top $845 Million
Insurance Commissioner
"Our wildfire history tells the story of how our fire season has changed over the years from a four-month season to a year-round threat," said Commissioner Jones. "Over the past two decades, the frequency and severity of wildfires has increased and caused significant property damage and the tragic loss of life in the wildland-urban interface areas of the state. Even more troubling is that areas once considered not to be high risk are now being scorched by wildfires."
Data collected by the department shows that the widespread destruction from the
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The commissioner also released a new report, Trial by Fire: Managing Climate Risks Facing Insurers in the Golden State, which examines the challenges and opportunities associated with climate risk, climate change, and insurance. The report further shows how climate change is a contributor to wildfire losses in
"Our Trial by Fire report is an important contribution to a better understanding of how climate risk and climate change impact the insurance industry and Californians," said Jones. "As Insurance Commissioner, one of my responsibilities is making sure insurance companies take into account and address climate-related physical, transition and liability risks, which can have consequences for insurers' underwriting and the investing of their reserves. I'd like to thank our partners who joined us to author this report, which provides critical information about the climate-related risks for the insurance sector and Californians and what is and should be done to address those risks."
The report was authored by Dr.
"The Trial by Fire report is unique in its simultaneous focus on insurance and climate change in the
Co-authors from
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