Large-Loss Fires Inflict Costly Damage to Properties
Catastrophic fires that result in property damage costing at the least $10 million, otherwise known as large-loss fires, are a growing concern due to inefficient fire protection systems and climate change. Among the property sites at which the fires started, manufacturing plants (26 percent), wildland fires (19 percent), and residential fires (15 percent) are the top three, according to NFPA’s Large-Loss Fires in the United States.
The NFPA reports that the fires occurring at manufacturing plants cost a total of almost $186 million in damages, while wildland fires cost a total of almost $2 billion. Within the past nine out of 10 years, the largest fire has been a wildfire resulting in losses that cost up to as much as $1.5 billion.