Everest Re reports higher California wildfire losses

Everest Re expects to incur $100 million of estimated catastrophe losses, net of reinsurance recoverables and reinstatement premiums, in the first quarter of 2018, as industry loss estimates for both the Northern and Southern California wildfire events have risen dramatically since the first estimates, according to the company.

A series of wildfires burned across many areas of California in October and December of 2017, resulting in widespread damage to homes and businesses. Industry loss estimates initially ranged from $8 billion to $10 billion. Since year-end, industry loss estimates for both the Northern and Southern California events have risen dramatically and are now projected at over $13 billion, according to the company.

For the fourth quarter of 2017, Everest Re had reported $161.5 million in catastrophe losses, which included both the Northern and Southern California wildfires.

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