California Insurance Commissioner Ricardo Lara on Monday announced that more than $11.4 billion in insured losses have been reported from the November 2018 fires.
That is a 25 percent increase, or more than $2.3 billion, from losses the California Department of Insurance reported in December 2018. More than 13,000 insured homes and businesses suffered a total loss out of more than 46,000 claims reported by insurers.
“Today, we have a clearer picture of the loss from the devastating Camp and Woolsey fires,” Lara said in a statement.
Information from SNL Financial and Moody’s shows losses from the fires will likely be concentrated among insurers with high exposures in the fire areas, including State Farm, Farmers, CSAA, Auto Club, Liberty Mutual and Allstate.
Farmers Insurance has said it expects $2.1 billion in claims from the California wildfires in November, with much of that loss expected to be paid out by reinsurers.
Merced Property & Casualty Co., a small insurer with roughly 200 policies in the area of the Camp Fire, was pushed to insolvency by the fire that sparked Nov. 8 and nearly destroyed Paradise and surrounding towns.
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