Washington State Wildfires: Not a PCS Catastrophe EventBy Ted Gregory | August 6, 2014
After investigating multiple July wildfire events in Washington State, PCS® has determined that insured losses will not meet the criteria for PCS catastrophe designation. Based on our investigation and conversations with insurers and independent adjusters in affected areas, PCS has learned the following:
- The affected area has high rates of uninsured homes according to reports from local officials, resulting in significant economic damage but lower insured losses.
- Claim volume has been minimal.
- Every wildfire was a separate event, meaning that each one would have to meet the criteria for PCS catastrophe designation — insured losses of at least $25 million and a significant number of insurers and insureds affected.
- Minimal damage to commercial and government structures was reported.
PCS continues to investigate the wildfires and may assign a catastrophe serial number if any of the events meet our criteria.
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