Losses in California wildfires at $1B — and climbing
California’s deadly wildfires have resulted in more than $1 billion in property losses so far, placing them among the costliest disasters in the state’s history, the state’s insurance commissioner said.
That total is expected to climb, state officials said.
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 killed 42 people, damaged or destroyed more than 7,000 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,” Insurance Commissioner Dave Jones said. “The tragic death of 42 people and over a billion (dollars) in property losses are numbers — behind these numbers are thousands of people who’ve been traumatized by unfathomable loss.”
More than 15,000 people remain displaced, the California Department of Forestry said.
Moody’s Investors Service this week estimated losses will approach $4.6 billion, based on an earlier estimate of 5,700 structures destroyed, according to Insurance Journal. That figures an average value of $802,000 per structure. 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.