A Tale of Two Californias: Managing Wildfire Risk in the Year 2030
For most of the 20th century, the insurance industry considered wildfires to be little more than a benign nuisance. They occurred frequently but rarely resulted in more than a handful of claims, and underwriters priced for them in the same way as other attritional sources of loss like theft, breakage and sewer back-up.
Then in 1991, everything changed.