Until recently, wildfire was considered a highly manageable “attritional” loss by the insurance industry, comprised of a high frequency of low severity claims. Over the past 5 years that has changed. With a changing climate, more exposure in high risk areas, and a build-up of burnable vegetation, the risk of severe wildfire has increased to a point where it must now be treated as a major catastrophe risk - like flood, hail, or earthquake.
This session covers the reasons behind the elevated levels of wildfire risk, mitigation measures that can reduce location-level risk, and the science of fire hazard modeling.
Speaker: Chris Folkman
Chris Folkman is a senior director of product management at RMS, where he is responsible for specialty analytics including wildfire, terrorism, casualty, marine cargo, and builders’ risk. He has extensive experience on both the broker and carrier sides of insurance, where he has led many aspects of property and casualty operations including underwriting, pricing, predictive analytics, regulatory affairs, and third-party commercial coverage and claims. He is a licensed insurance broker and a Chartered Property and Casualty Underwriter (CPCU).