Image default
Conferences & Site Visits Defense Editor's Picks Energy & Power Manufacturing Risk & Strategy Shipping and Logistics Trade & Money

Insured Losses from November 2018 California Wildfires Top $12B

Insured losses from the most destructive wildfire month in California’s history climbed $614 million in the first three months of the year, pushing total claims over $12 billion as of April, the California Department of Insurance announced on Wednesday.

Together with the July 2018 fires in Northern California, last year’s overall insured losses topped $13 billion, according to CDI. The November 2018 wildfires were the most destructive in state history. The CDI announced in January that more than $11.4 billion in insured losses had been reported from the November 2018 fires alone.

The increase in claims came as homeowners and businesses continue to assess damages from the Camp Fire in Paradise and Butte County and the Woolsey and Hill Fires in Los Angeles and Ventura Counties.

The CDI released the data in timing with Wildfire Preparedness Week from May 6-12.

“While last year’s tragic wildfires turned thousands of people’s lives upside down, insurance is helping to rebuild and recover,” Insurance Commissioner Ricardo Lara said in a statement. “With these record-breaking fires still fresh in our memory, having the right insurance coverage for your home or business should be part of your preparation plan too.”

The latest data shows a slight increase in losses from January, when losses jumped 26 percent over the CDI’S initial report after the November 2018 fires. The number of claims filed increased by 4 percent from January, when claims jumped 16 percent over the Department’s initial report after the November 2018 fires.

Source: https://www.insurancejournal.com/news/west/2019/05/08/525930.htm

2018 was the fourth-costliest year for natural disasters in history. They cost $160 billion, of which only half was insured. There were 29 events that cost at least $1 billion each, all in a single year.

 

The Indo-Pacific is a hotbed for natural disaster risk, and governments around the region are mandating that companies maintain disaster and emergency preparedness capabilities within their Quality, Health, Safety and Environment teams in alignment with certification requirements under OHSAS and ISO.

 

But plans based on historical data are now out of date. The unpredictability of natural disasters is increasing. We are seeing five 1,000-year floods in less than a year, and tornadoes in places not known for tornadoes.

 

When you attend this year’s Indo-Pacific Disaster and Emergency Response Summit, you gain from the knowledge, understanding, and hard-won experience of the emergency managers who have proven themselves effective in the face of mega-disasters, so you can be ready for your own.

 

Register today! Super Early Bird discounts save you $300 off the usual delegate rate of $1850 until July 15, 2019. Philippine companies can register for the Pre-Conference Symposium at only $200. Call +65 6602 8264 or email INFO@AMGFIRST.COM.

Related posts

AI’s tentacles are slowly reaching out to the smart factory

arcmediaglobal

Beijing-Shanghai High-Speed Railway prepares for IPO

arcmediaglobal

High-Speed Rail Linked 3 Airport Project, Thailand

arcmediaglobal

Leave a Comment