California Wildfire Claims Top $9.4B, Department of Insurance Says

December 18, 2017

California Commissioner Dave Jones announced in early December that the total of insured losses from the wildfires in California in October had topped $9.4 billion in residential and commercial claims.

That figure is near the upper end of estimates given so far on losses from the wildfires, which are now counted among the most deadly and costly in the state’s history.

Modeler AIR Worldwide reported last month they expect losses from the Tubbs, Nuns, Atlas, Redwood and Sulphur fires alone will be between $8 billion and $10.5 billion.

The latest report is the result of a formal data call in which more than 260 insurers reported total claims as of Dec. 1 and includes the destruction and damage for more than 21,000 homes, 2,800 businesses, and more than 6,100 private autos, commercial vehicles, and 788 losses involving other lines of insurance such as agricultural equipment and watercraft, according to the California Department of Insurance.

“The October wildfires that devastated whole communities and tragically cost 44 people their lives have now proven to be the most destructive and deadliest in our state’s history,” Jones said in a statement.

On Dec. 9, the CDI held an Insurance Recovery Workshop for North Bay residents that included department experts and insurers providing wildfire victims with one-on-one assistance with their specific insurance claim questions.

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Insurance Journal West December 18, 2017
December 18, 2017
Insurance Journal West Magazine

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