Wildfire Spending In Oregon Triggers Lloyd’s Insurance Policy

Oregon’s tough wildfire season has pushed spending to the point the state Department of Forest is tapping its special insurance policy for the second year in a row.

The Bulletin reported that state wildfire costs exceeded the $20 million deductible last July, and spending is now two-thirds of the way through the $25 million Lloyd’s of London insurance policy.

Department spokesman Rod Nichols says the premium this year doubled to $2 million.

Wildfires have already burned three times the 10-year average in Oregon, and the department expects the upward trend to continue as the changing climate brings more drought, longer burning seasons and higher temperatures.

Topics Catastrophe Natural Disasters Excess Surplus Wildfire Lloyd's