Moody’s says the industry is focusing increasingly on so-called secondary perils, such as convective storms and wildfires
A flooded street in San Francisco, California, US, on January 10. Picture: BLOOMBERG/SHELBY KNOWLES.
Climate change has increased wildfire risk in California while hurricane losses in Florida have already seen a number of reinsurers cut exposure, Moody’s said. Five-year average loss ratios for homeowner insurance in Florida and California are among the highest in the US at 80% and 117% respectively, it said in a report.
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