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Insurers may curtail underwriting as wildfire risk grows

Large wildfire in the Port Hills of Christchurch, New Zealand in 2017

Grant Pearce, a fire scientist in New Zealand, said, that increased claims from bushfires could result in insurers stop covering wildfire claims in high risk areas, Asia Insurance Review reported citing New Zealand Herald. Rural wildfires cost the country around $73 million, and the figure is expected to increase by 70% by 2040.

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