What was previously considered a “once in a generation” disaster may be a new normal. According to the California Department of Forestry and Fire Protection, three of the top five deadliest and most destructive California fires have occurred in the state since 2018:
- November 2018 – Fire “Camp” in Butte County, 153,336 acres destroyed, eighty-five deaths.
- January 2025 – Fire “Eaton” in Los Angeles County, 14,021 acres destroyed, eighteen deaths.
- January 2025 – Fire “Palisades” in Los Angeles County, 23,707 acres destroyed, twelve deaths.
If one expands the list to include the twenty deadliest fires in California’s history, eleven have occurred since 2018.[2] According to a report commissioned by the Southern California Leadership Council, the Palisades and Eaton fires alone resulted in an estimated $53.8 billion of damages.[3] Out east, North Carolina has also experienced some of the most devastating storms and flooding in its history in recent years:
- October 2016 – Hurricane Matthew, thirty-one deaths, $1.5 billion in damage, 100,000 homes, businesses, and governmental buildings damaged. [4]
- September 2018 – Hurricane Florence, fifty-one deaths, $17.3 billion in damage. 455,000 people evacuated, 11,386 homes with moderate or major damage. [5]
- September 2024 – Hurricane Helene, eighty-six deaths, $79 billion in damage.[6]
Unprecedented natural catastrophes occurring at increased rates, from California to the east coast, are threatening both public and private insurance markets in unprecedented ways. With such natural disasters occurring annually, the question on the minds of many is how to protect against such enormous risk.