Camp Fire tops 2018 list of costliest disasters in world
SACRAMENTO — Damage from the Camp Fire was the costliest disaster in the world last year, topping out at $12.5 billion in insured losses, according to a new report by global reinsurance firm Munich RE.
The Germany-based company said it had expected losses to be lower this year after a record-breaking 2017, in which insurers paid out about $230 billion worldwide. But a number of hurricanes, typhoons and wildfires ruined the outlook.
Last year was the fourthcostliest for insurance companies since 1980, the firm said. Three large wildfires — Carr, Camp and Woolsey — burned regions of California last year and were a major factor in the overall losses incurred by insurers.
The three events collectively accounted for some $24 billion in losses. That was only a fraction of the $160 billion in losses amassed globally. The Camp Fire, however, was also the deadliest blaze in state history, claiming 86 lives in and around the town of Paradise.