California wildfire claims near $12bn
Insurers have received nearly 45,000 insurance claims totalling more than $11.79 billion in losses from the wildfires that burned across the state in October and December 2017, according to insurance commissioner Dave Jones.
AIR Worldwide estimated that insured losses from the Tubbs, Nuns, Atlas, Redwood, and Sulphur fires in Northern California will be between $8 billion and $10.5 billion. The wildfires in Northern California were followed by others in the southern part of the state.
In December 2017, a high-pressure ridge, record temperatures and Santa Ana winds fuelled deadly fires from San Diego and Los Angeles to Ventura and Santa Barbara, again destroying thousands of homes and structures and killing two people. The Thomas Fire is going down in history as the state’s largest wildfire, charring more than 280,000 acres.
Overall, the wildfires destroyed more than 32,000 homes, 4,300 businesses, more than 8,200 vehicles, watercraft, farm vehicles, and other equipment.
"At nearly $12 billion in insured losses, these claim numbers are staggering and represent the costliest fires in California history," Jones said. "The fires were unprecedented for their severity and disastrous consequences. Whole neighbourhoods were wiped out, as wind-driven flames destroyed thousands of homes, upended tens of thousands of residents' lives and tragically killed more than 45 people across the state."
Join us at Intelligent Automation in Insurance - London 2018. Book by Feb 28th and you could save £300.
More of today's news
Re/insurers boost insurtech investments
Allianz acquires renewal portfolio from Liberty Mutual US
RenRe falls to loss, claims improvements in renewals
London Market simplifies claims handling
Volante unveils Nordic-focused MGA with QBE hire
XL Catlin taps Everest National exec for US excess casualty
