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California finds itself amid yet another ferocious wildfire season, with the Dixie blaze now holding the record for the second largest wildfire in the history of the state. As a combination of hotter and drier weather and failing electrical infrastructure are projected to continue to turn the state into a tinderbox ready to ignite during the warmer months, fire damage and smoke taint claims affecting property and large agricultural areas will remain on the rise for the foreseeable future.
On the surface, the London Market enters 2021 looking very different to its 2020 version. Underwriting rooms lay empty, offices unoccupied, pubs eerily quiet. But beyond the physical stillness, this world leading hub has not paused for breath. Digital systems and solutions have taken centre stage as the London Market has responded to a seismic shift in working patterns and insurance risks.
Today’s directors and officers have significant responsibilities not only in preserving company value and ensuring success in the future but also in responding diligently to political and environmental tensions, emerging technologies, changing regulation, and the need to promote diversity. The D&O landscape will continue to be challenging as we move into 2021.
Wildfires are rarely out of the news at the moment and their frequency, and intensity, is increasing. Whilst North America and Mediterranean Europe have suffered the most recent devastating losses, the risk of UK wildfires exists and this risk is growing.