Arizona Bush Fire doubles in size as California wildfires break out

The Arizona wildfire is now 104,379 acres and only 5% contained.

Evacuations are still in place as the Bush Fire rages in Arizona, where it has almost doubled in size since Wednesday morning.

Arizona’s Bush Fire, which is the largest in the country, is now 104,379 acres and only 5% contained.

New evacuations have been issued for the Mangum Fire in northern Arizona, which has grown to 56,780 acres and is only 3% contained.

The nearby Big Horn Fire, where evacuations are still in place, has burned at least 23,892 acres and is 40% contained.

Over the next few days, the windy conditions should subside as a huge ridge of high pressure moves into the area.

There are still red flag warnings in Colorado and California, where winds will still be gusty Thursday.

Gusty winds and dry conditions help to explode several fires in central California.

Several brush fires broke out Wednesday in northern California around Sacramento, including the Nelson Fire, where three homes were destroyed and two were damaged.

Also near Sacramento, evacuations are in place due to the Walker Fire, which has grown to 1,100 acres and is only 35% contained. It has destroyed two structures and threatened 50.

The good news is that a new high pressure, moving in from the West, will relax the winds, but the bad news is that it will bring more heat and dry air to the area. The hot air will make fighting these ongoing fires more difficult for firefighters as we get into the weekend.

The good news is that this high pressure will relax the winds, but the bad news is that it will bring more dry air and heat to the area. The dry air will make fighting these ongoing fires more difficult… moreThe good news is that this high pressure will relax the winds, but the bad news is that it will bring more dry air and heat to the area. The dry air will make fighting these ongoing fires more difficult for firefighters as we get into the weekend.ABC News

Moving east, up to 10 inches of rain fell in Virginia in the last three days, causing significant flash flooding, washed out roads and several water rescues.

This slow-moving area of low pressure will continue to meander in the Mid-Atlantic over the next few days bringing a chance for more rain and thunderstorms.

Over the next few days, localized areas could see more than 3 inches of rain, which could cause additional flooding.

In the Midwest, a storm system is moving into the region that could bring severe storms from Minnesota to Kansas, where damaging winds and large hail will be the biggest treat.

This is the same storm system that brought up to 16 inches of snow to the Rockies in the last two days.

This storm system will slow down in the Midwest, and will continue to bring showers and thunderstorms to the area for a few days, some of the rain could be heavy, where more than 4 inches of rain is possible.

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Commercial P&C Insurance

Commercial Office Space Set for a Strong Comeback

The sustained increase in demand for office space across the nation since late 2022 suggests that the market has moved past its lowest point, according to insights from the real estate technology platform, VTS. Demand for office space began to rise in late 2022 and continued into early 2023. Since then, the office market has experienced a period of stability and growth, supported by favorable economic factors, indicating a market rebound. This conclusion is drawn from the VTS Office Demand Index (VODI), which tracks unique new tenant tour requests for office properties in key U.S. markets. The VODI serves as an early indicator of future office leasing activity. According to the index, demand for office space has grown consistently over the past 12 months, closing the second quarter with a 17% year-over-year increase and a 34% rise from the VODI’s lowest point in December 2022. A significant shift in office-based employment patterns further supports the belief that demand for office space has stabilized. After reaching its peak in August 2022, office-based employment declined by 3.9% in early 2024. However, this trend has since stabilized, and employment growth has remained steady. Additionally, a recent decrease in work-from-home rates has fueled the renewed demand for office space. “They say you can only recognize a market bottom after it has passed, and the office space market is no exception. Following what we now see as the bottom, the national demand has gradually increased, though it remains susceptible to economic challenges,” said Nick Romito, CEO of VTS. “However, the growth observed in VODI over the past 18 months, coupled with positive trends in the office-using workforce, suggests that the market has reset, and the worst is behind us.” It’s important to note that this national trend does not impact all local markets equally. Cities like Los Angeles and New York City have seen healthy growth in office space demand, while markets such as San Francisco and Washington, D.C., have experienced prolonged stagnation. In Los Angeles, office space demand surged in the second quarter, briefly surpassing pre-COVID levels, driven by an increase in the average size of office spaces sought by tenants. New York City followed a similar overall pattern, though with some softness in the second quarter. Conversely, San Francisco’s demand for office space remains unpredictable, largely due to its tech-focused workforce, which continues to favor remote work more than other industries. “Markets heavily dependent on the tech sector, like San Francisco and Seattle, are on a markedly different post-COVID recovery path compared to more diversified markets like Los Angeles and New York City. It may take some time before we see office demand in San Francisco and Seattle return to pre-COVID levels,” added Ryan Masiello, Chief Strategy Officer at VTS.

Cyber Liability

Global IT Outage Puts Business Interruption Insurance in the Spotlight

In July, a global IT outage had a significant impact on business interruption insurance policies, overshadowing the effects on cyber insurance coverages. “This incident wasn’t a result of a malicious attack, which is why typical cyber insurance policies may not have been activated,” explained Peter McMurtrie, a partner in West Monroe’s insurance sector, in an interview with PropertyCasualty360.com. “Where coverage was applicable, factors like deductible amounts, waiting periods, and coverage limits played a critical role in determining the extent of exposure,” McMurtrie noted. “Standard policies for small businesses were less likely to offer coverage, while more complex policies for mid-sized companies and Fortune 500 corporations may have included broader triggers for non-malicious outages caused by third-party software issues.” The outage was triggered by a software update on July 19, 2024, by cybersecurity firm CrowdStrike, which affected organizations worldwide using Microsoft Windows. This interruption had far-reaching consequences, including disrupting hospital systems, media outlets, financial institutions, delaying thousands of flights, and halting daily business operations. McMurtrie emphasized that while the initial impact of the outage was similar for both large and small businesses, the ability to recover operations and whether insurance covered the loss of business income varied. “Larger companies are more likely to have advanced disaster recovery plans that ensure service redundancy following unexpected outages,” he added. “Their insurance programs also tend to cover a wider range of incidents.” According to Microsoft, the CrowdStrike update error affected over 8.5 million Windows devices globally. The incident highlighted the interconnected nature of our global ecosystem, including cloud providers, software platforms, security services, and their clients. “It’s a stark reminder of the importance of prioritizing safe deployment and disaster recovery across the tech industry,” the company said in a blog post. McMurtrie pointed out that the outage’s widespread impact was largely due to its effect on organizations that are critical to societal infrastructure—sectors like agriculture, airlines, banking, energy, government, healthcare, manufacturing, and retail. “Insurance companies base their risk appetite on their ability to understand and price risks appropriately. This becomes increasingly challenging with emerging threats,” he said. “However, I anticipate that insurers will respond by clarifying policy language, refining risk selection criteria, and possibly developing new products specifically designed for this evolving exposure.”

Arizona Bush Fire doubles in size as California wildfires break out