Claims from California wildfires at $9bn
Source: Asia Insurance Review | Jan 2019
According to California’s state insurance commissioner, Dave Jones, the total amount of claims from last month’s wildfires are sitting at $9bn, with the figure likely to rise.
About $7bn in claims are from the Camp Fire that destroyed the Northern California city of Paradise. The rest is for the Woolsey and hill fires in Southern California.
There are more than 28,000 claims for residential personal property, nearly 2,000 from commercial property and 9,400 in auto and other claims for the fires.
That is well above the number of claims filed following a series of fires that tore through Northern California’s wine country last year. Losses resulting from those fires were initially pegged at $3.3bn but eventually grew to $9bn.
The California Office of Emergency Service says it will cost at least $3bn to clear debris. Most of the work will occur in Northern California, where the Camp Fire destroyed the city of Paradise and killed at least 86 people. A