Insurers face escalating wildfire cat losses in years to come, according to AM Best

After facing almost $2bn in claims from the Southern California wildfires in 2007, the insurance industry faces the prospect of another rough wildfire season and escalating losses in the years to come, according to a new report by A.M. Best.

The past two wildfire seasons in the U.S. have been the most severe on record and larger fires are more frequent.

Annual wildfire catastrophe losses have averaged more than $1bn this decade, after adjusting for inflation.