wildfires News

Insured Losses Could Hit $145B in 2025, Driven by Rising Claims From Secondary Perils

Global insured losses from natural catastrophes hit US$137 billion in 2024, following the 5%-7% annual growth rate that has been the norm in recent years, according to Swiss Re analysis. If this trend continues, global insured losses will approach US$145 …

More Americans Breathe Unhealthy Air Due to Wildfires, Extreme Heat

Around 156 million Americans, nearly half of the US population, now live in areas with unhealthy levels of air pollution, part of a trend toward declining air quality as climate change-related extreme weather events like wildfires occur more frequently. That’s …

Why New York and New Jersey Are at Risk of Spring Wildfires

The wildfire scorching southern New Jersey ignited despite a series of downpours in recent weeks — and the region is ripe for more blazes. April’s rains didn’t soak into the ground enough to prevent the fire from erupting at the …

UK’s Extremely Dry Start to Year Raises Crop and Wildfire Risks

The UK’s driest start to the year in four decades is threatening the country’s grain crops and increasing the risk of wildfires. Total precipitation of about 20.5 centimeters (8.1 inches) during the first quarter was the lowest since 1985, according …

Global Natural Disasters Cost Insurers $53B in Q1, With Economic Losses of $83B

Global natural catastrophes had an insured price tag of more than $53 billion during the first quarter of 2025 – claims driven by California’s wildfires of approximately $38 billion, or 71% of total insured losses across the globe, according to …

Wildfire Losses Increasing But Still Small Compared to Hurricanes: KCC

Wildfire losses in the U.S. are increasing, but the risk is still considerably smaller than hurricanes, according to a new KCC white paper. While we usually think of California and other western states—especially since the devastating LA wildfires in January—KCC …

New Mexico Insurance Department Moving to Increase FAIR Plan Limits

New Mexico Superintendent of Insurance Alice Kane increased maximum residential property insurance limits for policies from $350,000 to $750,000 through the New Mexico Fair Access to Insurance Requirements Plan. The move was adopted by the NM FAIR Plan Governing Committee. …

Hedge Funds Hunt Deals in Risk Scenarios Too Costly for Insurers

As Los Angeles residents digested the apocalyptic scene left by wildfires earlier this year, the stage was simultaneously being set for hedge funds to pursue market-beating returns fanned by climate change. The investment model in question is built around so-called …

As Wildfire Season Arrives, Budget Woes and Federal Uncertainty Put States at Risk

Budget woes, combined with cuts to the federal wildfire-fighting workforce and President Donald Trump’s tariff and sovereignty threats against Canada, have made it more difficult for state officials to plan for the upcoming wildfire season. In Washington, a $12 billion …

South Korea Contains Main Blazes in Week-Old Forest Fires

South Korean authorities have contained the main blazes in the country’s largest forest fire on record, a minister said on Friday, as rain and better weather allowed more helicopters to fly and dump water, dousing the flames. Spread by strong …