Losses from Calif. wildfires top $1B

‘These numbers are just the beginning,’ state official says

California’s deadly wildfires have resulted in more than $1 billion in property losses so far, placing them among the costliest such episodes in the state’s history, the state’s insurance commissioner said, and the total is expected to climb.

Insurance claims provided by the state’s eight largest insurers reflect $1.05 billion in losses of homes and commercial buildings, personal and commercial vehicles, and agricultural equipment, the California Department of Insurance said.

The wildfires have killed 42 people, damaged more than 8,400 structures and burned more than 200,000 acres of land in several counties across Northern and Southern California.

“These numbers are just the beginning of the story as one of the deadliest and costliest wildfire catastrophes in California’s history,” said Insurance Commissioner Dave Jones. “Behind these numbers are thousands of people who’ve been traumatized by unfathomable loss. We must do all we can to ease their pain and help them recover and rebuild.”

More than 15,000 people remain displaced, the California Department of Forestry said this week.

Moody’s Investors Service estimated losses will near $4.6 billion, based on an earlier estimate of 5,700 structures destroyed, according to Insurance Journal.

Moody’s said most of the damage will come under homeowners and commercial property coverage, along with some auto and inland marine damage, the publication said.