New wildfire intensifies pressure on California’s insurance sector
As the Gifford Fire continues its aggressive march through the coastal counties of Santa Barbara and San Luis Obispo, insurance industry stakeholders are confronting the escalating risks posed by yet another catastrophic wildfire season that shows no signs of adhering to historical norms.
“The Gifford Fire highlights the growing volatility of climate-related risks that has insurers scrambling to catch up to the new reality of their exposure to loss,” Mike Lane, Commercial Risk Consultant
at Reagan Companies told Insurance Business’s Chris Davis. “We’re now seeing heightened c…