By the time David Kaisel got back from selling his flour at a farmers' mark...
LONDON - By the time David Kaisel got back from selling his flour at a farmers’ market, a wildfire in California’s Capay Valley had burned both his tractor and the shipping container where he kept some tools. His insurer is set to pay out a sixth of his losses.
“I’m already accustomed to drought, but in the past year I learned first-hand the consequences of both record rainfall and wildfire,” Kaisel said. “I’ll certainly consider insuring against environmental risks when my cash flow permits.” While scientists are wary of attributing particular disasters to climate change, most agree it is making extreme weather more frequent or intense. Insurers, along with Kaisel and other farmers around the world, are at the sharp end.
Allianz Re, the reinsurance arm of the German Allianz Group , started work on adding wildfires to an interactive hazard map at the end of last year after major wildfires in Portugal and California, Markus Stowasser, head of catastrophe research and development, said. It will help Hiscox set premiums more accurately, said Shree Khare, head of catastrophe research, adding that it might have stopped insuring some clients in high-risk areas otherwise.
Kaisel, who lost more than $15,000 in the Capay Valley fires, expects to get $2,500 from his insurer and managed to raise the rest via an online fundraiser. The data show total insured losses from natural catastrophes are up from less than $7 billion a year in the 1970s to between $29.3 billion and $143.4 billion a year from 2010 to 2018. In 2018, 62% of all natural catastrophe insurance claims came from secondary perils.
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