Willis and UEA partner to enhance wildfire risk understanding for insurers

Willis, a WTW business, has announced a new collaboration with the University of East Anglia (UEA) to deepen understanding of global wildfire risk in response to escalating global threats.

This partnership aims to provide reliable scientific insights that enable insurers and reinsurers to stay abreast of a rapidly evolving risk landscape, especially as wildfires now rival other perils, such as hurricanes, in terms of losses caused.

In recent years wildfires have grown in intensity, becoming larger, more destructive, and increasingly unpredictable. Shifting climate conditions are expanding fire-prone areas and triggering more intense and destructive fires, while urban growth and rising property values are amplifying the potential for catastrophic loss.

Wildfires, once considered a secondary peril, are now a primary concern, Willis highlights. This is evident from the US$1.5 billion in insured losses during Australia’s 2019-20 Black Summer bushfires to the US$40 billion in damage caused by this year’s Palisades and Eaton fires in Los Angeles.

The Willis and UEA collaboration aims to help the insurance sector better understand the evolving nature of wildfire risk. Their focus includes changes in fire frequency, intensity, geography, and the growing threat of urban conflagrations.

By combining Willis’ catastrophe risk expertise with the climate and fire science of Dr. Matthew Jones at UEA, the partnership will support clients in anticipating wildfire-related losses and responding with more informed risk strategies.

Dr. Daniel Bannister, Weather & Climate Risks Research Lead at the Willis Research Network, said: “The insurance industry can no longer treat wildfire as a niche peril confined to a few known hotspots. We are seeing more frequent, fast-moving fires capable of devastating urban areas and overwhelming response systems.

“As insurers grapple with the mounting human and economic toll, robust and accessible insights from cutting-edge research are needed more than ever before. By partnering with UEA, we aim to distil the latest research into meaningful insights that help our clients understand and manage wildfire risk, today and into the future.”

Dr. Jones added: “Wildfires are a growing threat that will worsen as the climate warms, and societies are increasingly feeling the brunt of their impacts worldwide. It is critical that our research keeps pace with the emerging threat, for example by providing better prediction and warning systems and guiding forest management and fire prevention strategies that best protect society from wildfires.

“UEA’s partnership with Willis represents a bridge between science and society and that will ensure that our research delivers real-world benefits that make communities more prepared for and resilient to wildfires”.

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