The Insurance Industry Charitable Foundation (IICF) has established the Wildfire Relief Fund to support communities affected by the ongoing wildfires in Southern California.
The fund aims to provide shelter and assistance to families, evacuees, and first responders. Donations will benefit nonprofit partners, including the California Community Foundation’s Wildfire Recovery Fund and the California Fire Foundation’s Wildfire & Disaster Relief program.
The IICF has called for both individual and corporate contributions to support the relief efforts. The organization emphasized the importance of a collective industry response to address the growing needs of affected communities.
According to Moody’s, the wildfires are on track to become the most damaging in US history. Preliminary estimates place economic losses between $20 billion and $30 billion, with the potential for higher costs as the situation unfolds. While Moody’s stated that the fires are unlikely to impact the national economy, their effects on the regional economy could be significant.
Moody’s noted that California’s historically dry climate, combined with the effects of climate change, has made wildfire risk a year-round concern. The current fires are affecting typically wet coastal regions, exacerbated by severe drought conditions and extreme winds.
As of early January, 60% of Los Angeles County was classified as experiencing severe drought, according to the US Drought Monitor.
In December, the IICF hosted its 18th Annual Northeast Benefit Event in New York City, raising more than $1.4 million to support nonprofit organizations in the Northeast region. The gala, held at Cipriani 42nd Street, brought together over 600 insurance professionals to celebrate the industry’s commitment to philanthropy.
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