California wildfires - the winery industry and the London Cargo Market
In this IIL marine & energy lecture Tiina Ruhlandt spoke about the winery industry in northern california and its relation to the London Cargo Market. She will then review the 2017 wildfires and resulting losses before concluding with lessons learned.
Tiina started with some background noting that California was the world's 4th largest wine producer and that while Napa and Sonoma county production accounted for less than 10% of the state's overall output, these regions produced some of the most highly prized (and priced!) wines. Tiina explained that as the winery business grew in California the risks associated with the handling, storing and transporting of valuable grapes and wines eventually made their way to the London Cargo Insurance Market. However, in 2017 a series of wildfires damaged or destroyed multiple wineries and caused substantial losses. Tiina concluded with some lessons to be learned, noting that as in all post natural catastrophe situations, the California wildfires created an opportunity to examine best practices for fire loss prevention, response and recovery plans as well as post-loss mitigation.
By the end of this lecture members would have gained an insight into:
- Why California winery business ends up in the London Cargo Market
- The physical risks involved in this class of business
- Lessons learned from 2017 California fires
Emma Roadnight, Cargo Underwriter, Antares Managing Agency Limited.
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