Burning issues: California wildfire review

2017 was California’s most destructive wildfire season on record as well as the costliest year on record for insurers with $16bn in losses. Weather volatility is driving up temperatures and increasing wildfire risks.

The fires that ravaged Northern California left the area’s renowned wine industry with damage that will be felt long after the final flames burn. The role of winery insurance and risk management will play an increasingly important role as climate disruption becomes the new normal and wine owners look for new ways to mitigate wildfire losses.

The newest report from Allianz Global Corporate & Specialty highlights:

  • Weather volatility and other contributing factors to the increase in wildfires
  • Impact on agribusiness, wineries and global prosperity
  • Preparation tips for the upcoming wildfire season
  • Allianz’s response to the 2017 Northern California wildfires
 
A growing catalog of natural catastrophes threaten California’s wine industry and agribusiness, and despite unprecedented sequential wildfire perils, conflagration and increasing weather volatility, Allianz’s network of experts partner to strengthen these industries. These proactive strategies and innovative technologies secure longevity and progress, despite ongoing volatilities.
 
Weather volatility is driving up temperatures and increasing wildfire risks. Temperatures in the Western U.S. are expected to increase by 2.4° to 6.5°F by mid-century. The size of the area burned each year, the number of wildfires and the length of the wildfire season is also growing. In the early 1970’s the average length of the wildfire season was five months. Today, it lasts more than seven. The scale of these fires has increased to the degree that the fires themselves are now contributing to the rise in greenhouse gas emissions.
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