The USA Insurance Industry Is Looking To Mitigate Risk And Loss As Arson Attacks Show Up All Around The USA.

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Fires and Innovation

The USA Insurance Industry Is Looking To Mitigate Risk And Loss As Arson Attacks Show Up All Around The USA

November 14, 2018 by Steve Conboy

To be reminded of the power of insurance these days, I just have to step out the front door. I live about 80 miles south of the Camp Fire in northern California, and, even at this distance, the effect is obvious. The color of the air—not something I usually notice—sometimes reminds me of Mordor in the "Lord of the Rings" movies.

These wildfires, like every natural disaster, also serve as a reminder of how far we need to go as an industry, and not just to show people the value of insurance and narrow the "protection gap." We need to innovate to provide better, much cheaper policies that will be bought, not sold. We also need to find new business models, including ones based on helping people head off claims—if not from natural disasters, then at least from more controllable issues.

Last week, two residential housing tracts under construction were set on fire, after the previous week, when another high density housing project was attacked by fire.

"Fire at Gascoigne Lumber Yard on North Queen Anne was arson", Seattle fire officials say.
Originally published November 13, 2018 at 11:38 am Updated November 13, 2018 at 7:38 pm.
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