A briefing from Guy Carpenter & Co. LLC on Monday shows more than nine million acres were burned by wildfires so far this year, most of that occurring in the Western U.S., and that insured losses from wildfires could approach or exceed $1.75 billion.
A report out from Aon earlier this month forecasts claims from the two California wildfires in September to exceed $1 billion.
The Guy Carpenter briefing, “U.S. Wildfire: An Ever Present Hazard,” states that the wildfire threat in the summer of 2015 was amplified by a strong ridge of high pressure that created very hot and dry conditions in the western U.S.
The report cites data from the National Interagency Fire Center that shows more than 9.27 million acres were burned by wildfires through Oct. 8 compared with the 10-year average of roughly 6.3 million.
“Wildfire is a significant peril impacting insurers in the United States each year,” Tim Gardner, CEO of U.S. Operations, stated in the brief. “Preliminary data indicates that 2015 insured losses from wildfires may approach or exceed $1.75 billion. Guy Carpenter works with our clients to evaluate their exposure and to deliver a comprehensive wildfire risk management solution.”
Guy Carpenter is a wholly owned subsidiary of Marsh & McLennan Cos.