Hurricanes, floods, fires, earthquakes, droughts, tornadoes. Natural disasters have become so common in the U.S. n recent years that they no longer evoke the same level of shock in the general public that they once did – unless you are directly affected.
The costs in lives, property damage, lost livelihoods, displacement and environmental harm are enormous. And insurance companies have been tracking these losses closely.
Between 2017 and 2021, the average annual losses in California due to wildfires totaled $117.4 billion, according to a study by the Gordon and Betty Moore Foundation. The fiscal loss to the state amounted to $5.03 billion, and the global climate impact totaled $1.16 billion.
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