Property Insurance Roundtable

According to the National Park Service, "as many as 90% of wildfires in the U.S. are caused by humans, resulting from campfires left unattended, the burning of debris, negligently discarded cigarettes, and intentional acts of arson. The remaining 10% are started by natural phenomena, such as lightning or lava." Regardless of the actual cause, wildfires can be devastating. The Insurance Information Institute reports that "the 2015 fire season set a new record for the number of acres burned in the U.S. Between January 1st and December 30th there were 68,151 wildfires, which burned 10,125,149 acres according to the National Interagency Fire Center." Over the 20-year period 1995-2014, fires, including wildfires, accounted for 1.5% of insured catastrophe losses totaling $6 billion dollars, according to the Property Claims Services Unit of ISO. During today’s discussion, we will explore the important areas of risk management and property insurance that must be addressed, to be prepared for the destruction that can