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Get ahead of wildfire risks in 2024: Strategies for mitigation, management and measurement

December 6, 2023

Unprecedented wildfire seasons have devastated properties and ecosystems from Europe to Canada in recent months. As wildfire becomes a global peril of increasing concern, our report explores causes, evolving risks, and solutions for site-specific resilience.
Property Risk and Insurance Solutions

Wildfires dominate headlines, wreaking havoc on properties, health, and ecosystems. In recent months, unprecedented wildfire seasons have left a trail of devastation from southern Europe to northern Canada.

Defined as large, uncontrolled fires that erupt in forests or grasslands, wildfires, also known as bushfires, can be sparked by natural occurrences or human activities like lightning or damaged electricity infrastructure.

Embark on a journey through the insightful revelations shared during WTW's recent Natural Catastrophes Webinar, where specialists delve into the escalating threat of wildfires. This report, a distilled version of the comprehensive webinar held on August 8, 2023, ensures you are well-prepared to navigate the intricate landscape of wildfire risks.

Key highlights from the report

Wildfire Fundamentals: Grasp the fundamentals, from ignition sources to the essential components shaping wildfires.

Life Cycle and Secondary Perils: Gain profound insights into the life cycle of wildfires, uncovering triggers, and understanding secondary perils such as firenadoes and post-fire hazards.

Increasing Risk Factors: Explore the dynamic landscape of wildfire risks, focusing on the severity and extent of burned areas rather than a simple increase in the number of fires.

Risk Identification and Quantification: Learn about advanced tools like WTW Global Peril Diagnostic, designed for pinpointing risk locations. Understand how probabilistic catastrophe modeling aids in estimating potential losses and determining suitable premiums.

Client Case Studies: Benefit from real-world examples illustrating how companies across the U.S., Canada, Mexico, Chile, and Australia quantified their wildfire risks. Explore methodologies, outcomes, and insights into risk financing strategies and insurance adjustments.

Strategic Risk Consulting: Uncover the pivotal role of strategic risk consulting, offering a comprehensive approach to risk analysis, hazard modeling, and vulnerability assessments. Understand how this information empowers clients to make informed decisions about mitigation, risk management, and risk transfer.

Alternative Risk Transfer Solutions: Explore groundbreaking parametric wildfire insurance solutions, supported by satellite imagery. Delve into case studies from Chile and Australia to comprehend the flexibility, quick payouts, and effective coverage provided by these alternatives.

WTW Research Network Insights: Access exclusive findings from the WTW Research Network, particularly the Weather & Climate Risk Research Hub. Immerse yourself in the 2023 Natural Catastrophe Review, shedding light on Canada's unprecedented wildfire season and the growing correlation of perils due to climate change.

Webinar recording

WTW Wildfire webinar recording - 8 August 2023

Why download the report?

In-Depth Analysis: The full report offers a deep dive into each aspect, providing comprehensive analyses, expert opinions, and actionable strategies.

Real-world Applications: Understand how companies from diverse regions applied strategies to quantify, manage, and mitigate their wildfire risks.

Strategic Insights: Gain strategic insights from WTW's specialists, providing valuable perspectives on risk management, resilience, and emerging trends.

Data-backed Decision Making: Equip yourself with data-driven decision-making capabilities, leveraging tools like Global Peril Diagnostic and probabilistic modeling.

Mitigation Strategies: Learn about successful mitigation strategies implemented by clients, ensuring your organization is prepared to reduce risks effectively.

Future Risk Trends: Stay ahead of the curve with insights from the WTW Research Network, providing a glimpse into future risk trends and considerations.

Download the full report now to harness the power of insights, case studies, and with in-depth analyses, empowering your organization to navigate and mitigate the escalating risks posed by wildfires in our changing world.

Ready to discover smarter ways to manage wildfire risks? Reach out to our specialists today.

Together, we'll protect what matters most.

For more information, please contact

Paul Ward
Head of Property and Casualty

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