Southern California Wildfire Losses Could Top $2 Billion

The California Department of Insurance announced that 37,117 claims have been filed since the wildfires broke out in Southern California in October 2007, and 1,531 of those claims are known to be total losses. Insurers have paid more than $1.26 billion so far, the DOI indicated, with their exposure estimated at $2.26 billion.

Since the October wildfires, Commissioner Steve Poizner has hosted Insurance Recovery Forums for fire survivors in Malibu, Ramona, San Bernardino Counties, and most recently, La Mesa. At these town-hall style meetings, representatives from the insurance industry, the DOI, the Contractors State License Board, the Federal Emergency Management Agency (FEMA) and other entities have answered fire victims’ questions.

“Thousands of homeowners were hit hard by the October wildfires in Southern California, and my heart goes out to all fire survivors for everything they have had to endure,” Poizner said. “The Harris fire ripped through the La Mesa community, destroying 186 homes. But I want all fire victims to know that they are not alone on the road to recovery. My department is here to help until every last insurance claim is paid.”

In San Diego County, 27,011 claims have been filed, and 1,127 of those claims are known to be total losses, with an estimated exposure for insurers exceeding $1.8 billion. Insurers have paid more than $1 billion to San Diego County residents. Commissioner Poizner has ordered his department to continually monitor these numbers to make certain that insurers are meeting their obligations to pay all valid claims presented to them.

The department’s Consumer Services Division has received 104 consumer complaints from fire survivors, 71 of those from San Diego County. Five of the San Diego complaints involve underinsurance. The remaining complaints stem from delays in adjuster assignments and additional living expense (ALE) payments.

Topics California Catastrophe Natural Disasters Profit Loss Claims Wildfire