Delos Insurance Solutions statement on California wildfires

CEO Kevin Stein is available for media interviews

SAN FRANCISCO, Jan. 9, 2025 /PRNewswire/ -- Statement from Delos Insurance Solutions CEO, Kevin Stein

"Our hearts go out to those affected in southern California in this terrible tragedy. Several factors have aligned, making these kinds of events both more likely and more damaging. The Palisades Fire will possibly be the costliest, but thankfully likely not the deadliest, wildfire in history and I know the whole insurance industry will be doing everything it can to get people back on their feet as quickly as possible.

This past year, we have seen more fuel (vegetation) created due to an increased period of rain followed by an extreme dry period – the rare effect of an El Nino collapsing into a La Nina. The current severe wind events in southern California overlapping with a lack of recent precipitation is driving the fires to intensify and spread rapidly.

Additionally, the rapid vegetation growth has made it very hard for individuals, communities and municipalities to keep on top of in order to minimize the impact of any fires.

For insurers, it is important that their underwriting models can understand how winds interact with the precipitation season and the built environment. Unfortunately, moving forward, difficult climate and fuel conditions will become more common and we'll all have to learn how to adapt to that reality. Groups that can scientifically understand climate change-driven risk, will avoid the uncertainty that often leads to blanket rate increases, non-renewals or pulling out of areas altogether. For example, Delos research indicates 65% of homes typically classified as 'high risk' should be classified as medium to low risk and consequently get price relief."

Delos Insurance Solution is a Property insurance MGA, which uses wildfire science and satellite imagery expertise to solve homeowners' insurance availability issues.

Delos CEO, Kevin Stein is available for media comment.

About Delos Insurance Solutions

Delos Insurance Solutions uses cutting-edge technology to offer insurance protection to homeowners in communities abandoned by other insurers because of wildfire risk. Founded in San Francisco in 2017 by aerospace engineers, Delos uses satellite imagery and artificial intelligence to identify insurable homes within territories deemed too risky by the rest of the insurance market. Delos is a Managing General Agent (MGA) offering policies on behalf of insurance carriers rated 'A' by AM Best.

SOURCE Delos Insurance Solutions