This post is part of a series sponsored by CoreLogic.
August 8, 2024 marks the one-year anniversary of the Lahaina Wildfire on Maui, which burned nearly 6,500 acres and destroyed more than 2,200 structures, devastating the community of Lahaina. While the event highlighted the vulnerability of certain areas to wildfires, it also highlighted a growing trend of increased frequency and severity of wildfires across the United States.
This year alone, as of mid-July, more than 24,000 wildfires have burned more than 3 million acres across the country. California is particularly at risk, with more than 3,800 wildfires already burning nearly 200,000 acres. Numbers like these underscore the urgent need for effective wildfire risk management strategies, especially in the face of climate change.
Recently Released CoreLogic 2024 Wildfire Risk Report It examines the current wildfire risk landscape across the United States, providing valuable insights for communities, insurers, and policymakers. In addition to quantifying wildfire risk at the national, state, and city levels, the report also provides an overview of risk mitigation strategies, regulatory changes, and recovery activities.
One of the report’s key findings is the alarming number of homes at risk in the Western U.S.: more than 2.6 million homes are at moderate or higher risk, with the total cost of rebuilding estimated at $1.2 trillion. California, Colorado and Texas lead the way in the number of at-risk homes, many of which are located in areas with close proximity to forests and undeveloped land (WUI), making them particularly vulnerable to wildfire.
California is also facing unusual regulatory changes: In June 2024, the California Department of Insurance (CDI) announced new plans to allow insurers to use catastrophe models in premium setting, but only if they increase insurance policies in areas with high wildfire risk.
The CoreLogic report also examines the effectiveness of various wildfire mitigation strategies, highlighting the findings of a study funded by the California Resilience Challenge Grant, which was launched in the wake of the devastating Camp Fire in Paradise, California, in 2018. Paradise Town, Milliman and CoreLogic joint research We evaluated individual- and community-level wildfire mitigation approaches to estimate wildfire risk reduction and effects on homeowners insurance premiums in California’s wildland-urban interface (WUI).
Finally, the CoreLogic report provides an update on Lahaina’s recovery, highlighting that progress is slow but steady: Nearly all of the damaged areas have been cleared and the rebuilding process has begun, although challenges remain, especially in terms of labor availability.
Know your risks and accelerate your recovery.™
By understanding the current risk landscape and implementing effective mitigation strategies, we can better protect our communities from the devastating effects of wildfire. Read on to learn more about this year’s key findings about the growing wildfire threat and how communities can become more resilient. CoreLogic 2024 Wildfire Risk Report.
©2024 CoreLogic, Inc. All rights reserved. While all content and information is believed to be accurate, CoreLogic makes no express or implied warranties, representations or guarantees, including without limitation, completeness, accuracy, applicability or suitability, with respect to the content, information or products referenced herein, and shall not be liable for any content, information or products referenced herein, or for any reliance thereon. CoreLogic® and Know Your Risk. Accelerate Your Recovery™ are trademarks of CoreLogic, Inc. or its affiliates or subsidiaries.
Interested in Catastrophe?
Get automated alerts on this topic.
